ISA Savings Limits
The current ISA limits are:
You can invest £11,280 in an ISA for the 2012/2013 financial year, this forms what is often called your 'ISA allowance'.
There are two main types of ISA availabe - cash ISAs and stocks and shares ISAs.
You can invest your £11,280 ISA allowance in two ways:
- Put the full £11,280 into a stocks and shares ISA, or
- Put up to £5,640 in a cash ISA and up to the balance in a stocks and shares ISA.
Cash ISA limit:
You can save up to £5,640 in to a cash ISA each tax year.
Stocks and shares ISA limit:
Alternatively you can invest up to £11,280 in to a stocks and
shares ISA each tax year.
The overall limit is £11,280 and as long as this is not exceeded
you could open a cash ISA and stocks and shares ISA in the same tax
year, keeping within the limits detailed above.
ISAs provide a tax free 'wrapper' for you savings protecting them from UK Income Tax and Capital gains tax.
All Personal Equity Plans (PEPs) are now stocks and shares ISAs.
In addition Tax Exempt Special Savings Accounts and any cash
components of stocks and shares ISAs from before April 2008 have
effectively become cash ISAs.
Cash and Stocks and Shares ISAs can only be held individually and
cannot be held as a joint account. Account holders must be 18 or
over (16 or over if you are only investing in a Cash ISA), and a UK
resident.
For more information on ISA allowances, limits, or for advice on finding the best option for you, you may want to speak to a member the independent savings advice team
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