Coronavirus Update

New limits for 2017-2018 ISAs

The annual ISA allowance makes a significant leap to £20,000 from this April.

As we come to the close of the current tax year, the allowance is increasing from £15,240 to £20,000 for 2017-2018.

Invest in either a Stocks & Shares or a Cash ISA or alternatively split the amount between both types.

The annual ISA allowance is per individual and a couple can invest up to £40,000 between them for 2017-2018.

The benefits of ISA saving:

  • Invest up to £15,240 per person this tax year (2016-2017) before April 5th 2017
  • Invest up to £20,000 per person for 2017-2018
  • Access your money at any time
  • No need to declare on your tax return
  • No capital gains tax and no further tax on income
  • New Junior ISA limit of £4,128

Inheriting an ISA allowance

Changes to ISA rules in April 2015 meant that surviving spouses, or those within civil partnerships, can now inherit an ISA allowance on death. Known as Additional Permitted Subscriptions (APS), they are only available for a limited time period relating to your spouse's estate. It is equal to the value of your deceased spouse's ISAs and enables you to invest this money tax-efficiently in addition to your own allowance.

If your spouse's ISA was held with James Sharp & Co, you can open a new ISA with us to use your APS.

Where you inherit ISA assets, these can be transferred into your new ISA (subject to market value), or you can fund the APS with your own cash. Even if your spouse's ISA was held elsewhere, you can open a new ISA with James Sharp to use your APS, however you will only be able to make cash subscriptions.

For more information about ISAs contact your Investment Advisor on 0161 764 4043.