What's your ISA allowance? How much can you invest?
The Government sets an annual ISA allowance (ISA limit) on how much you can invest in an ISA each tax year. This year (6 April 2016 to 5 April 2017), your ISA allowance is £15,240 and the full amount can be invested in a Stocks & Shares ISA , a Cash ISA or an Innovative Finance ISA (or any combination of the three). Please note, The Share Centre does not offer Cash ISAs or Innovative Finance ISAs.
Unused ISA allowances don't roll over to the next tax year if you don't invest the full amount, so it’s a case of ‘use it or lose it’. However, your ISA itself doesn't end when the tax year does, so you can keep adding to it each year and get the benefits on the cumulative amount. Don't forget to invest your ISA allowance at the start of the tax year (6 April) to make the most of it.
Who can open a Stocks and Shares ISA?
To open a Stocks and Shares ISA:
- You must be aged 18 or over.
- You need to be a UK resident.
- You must not have already opened a Stocks and Shares ISA in the same tax year.
You can sell your investments and withdraw money from your Stocks and Shares ISA at any time. At The Share Centre the new Flexible ISA rules apply, so you can now repay those withdrawals back to your ISA, providing both transactions are within the same tax year.