ISA Allowance (2024)

FAQs

ISA Allowance? ›

Putting money into an ISA

ISA stands for individual savings account. ISAs are a tax-efficient way to save and invest your money.

How much money can I put into ISAs? You can put up to £20,000 in ISAs in your name each tax year, which is a limit set by HMRC.

The ISA allowance for 2024/25 is £20,000, unchanged from the last tax year.

Individual Savings Accounts – ISAs for short – give you the opportunity to save a set amount of money each year, tax free. This is known as your ISA allowance.

ISA stands for Individual Savings Account. The main difference between an ISA and any other savings account is that it offers tax-free interest payments.

A British ISA - individual savings account - is a new way to invest in UK companies without paying tax on the interest or returns.

What is an ISA? ISA stands for Individual Savings Account. ISAs are a tax-efficient way of saving money. You can save or invest up to a set amount (your ISA allowance) each tax year and you don't pay any tax on the income or capital gains (for an investment ISA, like ours) or on the interest paid (for a cash ISA).

In situations where you have saved in excess of this sum in your ISAs in the tax year, you will need to discuss with your ISA providers, the removal of the excess from your ISA, incuding any interest the excess generated, and return it to you. The excess interest is taxable and should be declared.

What are the new rules for ISAs? ›

From April 2024, the minimum age to open an adult cash ISA is rising from 16 to 18 years old. This mirrors the age requirement for other ISAs, like stocks and shares ISAs. There's a transitional arrangement that will stay in place until 5 April 2026.

You are free to use any withdrawal from your ISA as you see fit. If you withdraw cash from your ISA and place it in another non ISA account, then any interest the cash generates in that non ISA account, will be taxable. The withdrawal itself is not taxable, just the interest the withdrawal generates.

You don't need to pay tax on income from ISA investments, or capital gains tax on the profits you make from buying and selling ISA investments. You also don't need to pay tax on ISA withdrawals – regardless of whether they're made up of dividends, interest or cash generated by selling investments.

As £20000 is the maximum you can put into any combination of ISA's in a tax year, you will need to contact the ISA provider, who you saved £2000 with, so that they can repay the sum to you and bring you back in line with the ISA rules.

Don't try to sort it yourself. Keep the account open and don't withdraw your money. Contact HMRC's ISA helpline to explain what's happened – 0300 200 3300. HMRC will work out which ISA needs to be void and tell you what to do next.

ISA is a slang term. It is one of the most commonly used acronyms in online chat and texting. ISA stands for Inshaa Allah (Arabic), OK.

In Arabic, Isa is another form of Jesus, while in Hebrew, the name means "God is my oath," and comes from Elisheva or Elizabeth. While it has been used as a nickname for the likes of Isabel or Isabella, Isa certainly stands proud as a given name in its own right!

ISA Server (Internet, Security and Acceleration Server) from Microsoft can act as a both a proxy server and an application layer firewall.

The United States Army Intelligence Support Activity (USAISA), frequently shortened to Intelligence Support Activity (ISA), also known at various times as Mission Support Activity (MSA), Office of Military Support (OMS), Field Operations Group (FOG), Studies and Analysis Activity (SAA), Tactical Concept Activity, ...