How much money can you put in an ISA?
Because of their generous tax benefits, the Government limits how much money you can put into ISAs. The 2016/17 ISA allowance is £15,240 – but it will increase to £20,000 from April 2017. You can split your allowance across a Stocks & Shares ISA and Cash ISA or invest it all in either. The Junior ISA allowance for investing for children is £4,080.
Your ISA allowance for 2016/17 is £15,240.
Your ISA allowance resets every year
At the beginning of each new tax year your annual ISA allowance resets. You cannot carry your allowance over between years, so if you don’t use it you lose it. In April 2016 the Government made changes that allow you to take money out of your ISA and replace it in the same tax year without using up your allowance.
Junior ISA allowance
Every year you can pay up to £4,080 into a Junior ISA for a child. At 16 they also receive the full adult ISA allowance of £15,240. They can still only keep £4,080 per tax year in the Junior ISA – the remainder of £15,240 must be held in a cash ISA until they turn 18, meaning that they can invest up to £19,320 annually into ISAs while they are aged 16 or 17.Find out more about Junior ISAs