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Posted on: 12 Jan, 23

Time is running out to take advantage of this year’s Individual Savings Account (ISA) allowances. You get one ISA allowance per tax year. So use it or lose it soon, when the tax year ends on 5 April.

Any unused ISA allowance will not be rolled over into the new tax year. On 6 April when the new tax year starts, if you haven’t used all of your or your children’s ISA allowances from the previous tax year, it will be lost forever.

Time to take control of your ISA?

The ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you could both hold your own ISA, each with the full allowance - so that's a combined £40,000 in the current tax year - and you don’t pay any tax on the income or capital gains from the proceeds of a Stocks & Shares ISA or interest on a Cash ISA.

An ISA doesn’t need to be declared on your annual tax return. What’s more, you can access your money whenever you wish, although most ISAs are designed to be medium to long term investments, which is typically a period of at least 5 years.

Want to know more about investing in an ISA? Your ISA questions answered

Download the PDF to see the full document.

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