FAQs
The ISA allowance is the maximum you can put into your individual saving accounts per tax year. In the 2024/25 tax year, the maximum ISA allowance for adults is £20,000, of which £4,000 can be paid into a LISA. For Junior ISAs, the limit is £9,000.
What are the new ISA rules in 2024? ›
1.1 Increase the age for opening cash ISAs from 16 to 18 years old and over. From 6 April 2024 it will not be possible for anyone aged 17 and under to subscribe to more than one cash ISA . This is a mandatory change with transitional arrangements.
What is the new ISA allowance for 24 25? ›
The Government puts a cap on how much you can put into your ISA or ISAs in any tax year (from 6 April – 5 April). The ISA allowance for 2024/25 is set at £20,000. The ISA limit for Junior ISAs is £9,000 for 2024/25.
What are the latest changes to ISA? ›
From April 2024, Isas will become a bit more flexible. You will be able to open and contribute to multiple Isas of the same type during the same tax year. This could come in handy if you use more than one platform for your investments and require more than one stocks-and-shares Isa.
Can I put $20,000 in the same ISA every year? ›
Putting money into an ISA
Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April. You can only pay into one Lifetime ISA in a tax year. The maximum you can pay in is £4,000.
What are the changes in income tax in 2024? ›
For tax year 2024, the standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from 2023. For single taxpayers, the standard deduction rose to $14,600, a $750 increase from the previous year.
What does Martin Lewis say about ISAs? ›
"For most people with fixed rate cash ISAs, I can't promise everyone, but certainly enough of you very close to the end of it should be ditching them, paying the penalty, and putting them [the money] in somewhere that pays more at the moment."
When can I open a 24-25 cash ISA? ›
A Cash ISA from age 18. A Stocks & Shares ISA from age 18. An Innovative Finance ISA from age 18. A Lifetime ISA can only be opened between the ages of 18 and 40 and once opened you can invest into the account up to age 50.
What is the loophole for the 29k ISA? ›
He said this would “provide them with a potential ISA contribution of £29,000 in total” before adding it would be “the biggest allowance anyone at any age receives”. However, Mr Khalaf noted: “This loophole is being closed from April 5 this year when the minimum age to open a Cash ISA will be raised from 16 to 18.”
What happens if I accidentally exceed my ISA allowance? ›
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. Thank you.
The new change means that you'll be in charge of how much you want to transfer, no matter when you made the subscription. So, if you have £10,000 sitting in an ISA and you wish to only transfer £5,000 to a different provider, you can now do so from April 2024 onwards.
What are the 4 different ISAs? ›
There are 4 types of ISA :
- cash ISA.
- stocks and shares ISA.
- innovative finance ISA.
- Lifetime ISA.
When can I put into a new ISA? ›
You can transfer an ISA at any point throughout the year, and, if you use your provider's transfer service rather than withdrawing and reinvesting the money yourself, you'll preserve your tax benefits and annual allowance.
What are the new ISA rules for 2024? ›
Higher minimum age for cash ISAs
The higher minimum age from 16 to 18 for cash ISAs is a transitional change. This means that ISA providers have from 6 April 2024 until 6 April 2026 to comply with the new rules. We've made these changes now, so from 6 April 2024 you'll need to be 18 or over to apply for our Direct ISA.
Can I have $40,000 in an ISA over 2 years? ›
There is no limit to how much money can be in an ISA. The ISA allowance limit applies to how much you can pay in during each tax year (6 April to 5 April the following year). So, as long as you've paid in no more than £20,000 within a single tax year, there's no reason you can't have more than £20,000 in an ISA.
Can I have two cash ISAs in one year? ›
But, since 6 April, those who hold a cash ISA or stocks and shares ISA can subscribe to more than one in a tax year. Plus, there will also be a change to ISA transfers. Before 6 April, if you wanted to transfer your funds to another ISA, it would have had to be the full amount.
Can I open more than one stocks and shares in ISA 2024? ›
Since the start of the 2024/25 tax year, there is no limit on the number of ISAs that you can open with different providers (apart from lifetime ISAs).
What date does the new ISA start? ›
The ISA allowance for 2024/25 is £20,000, unchanged from the last tax year. This means you can pay £20,000 into ISAs from 6 of April 2024 to the 5 of April 2025.
Are cash ISAs changing? ›
The new change means that you'll be in charge of how much you want to transfer, no matter when you made the subscription. So, if you have £10,000 sitting in an ISA and you wish to only transfer £5,000 to a different provider, you can now do so from April 2024 onwards.
Can I open two stocks and shares in ISAs in one year? ›
You can even pay into multiple Cash, Stocks and shares or Innovative Finance ISAs in the same tax year, if you stay within the overall ISA allowance. There's still restrictions on multiple Lifetime ISAs or Junior ISAs.