Making the most of your 2016/17 ISA Allowance
Your ISA allowance is a great benefit. Here are a few ways to get the best out of it:
- Use it or lose it! Your 2016/17 ISA allowance won't roll over to next tax year.
- Make sure you pay in some money before the end of the tax year. You can invest it later if you haven't decided yet.
- Invest at the beginning of the tax year each year (6 April) to get maximum benefit.
- Continue adding to your ISA each tax year by using your new ISA allowances.
- Encourage your partner to invest their 2016/17 ISA allowance as well.
Investing more than your 2016/17 ISA limit
Your ISA allowance isn't based on your investments' growth or interest; simply the amount you invest or save. If you reach your 2016/17 ISA limit, you can't invest or save any more money in an ISA until the start of the next tax year. And remember, you can only subscribe to one Cash ISA, one Stocks & Shares ISA and one Innovative Finance ISA each tax year.
The simple solution if you want to invest more than your 2016/17 ISA allowance is to simply open a Share Account in addition to your ISA. You'll have to pay tax on any earnings, but there aren't any investment limits, so you can invest as much as you like.