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Accounting, Taxation and Business Advisers
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ISAs
The ISA investment limits are as follows:
| 2019/2020 | 2020/2021 | 2021/2022 | 2022/2023 | 2023/2024 | |
|---|---|---|---|---|---|
| ISA for shares and/or cash | £20,000 | £20,000 | £20,000 | £20,000 | £20,000 |
| Junior ISA and Child Trust Fund | £4,368 | £9,000 | £9,000 | £9,000 | £9,000 |
From 1 December 2015 to 30 November 2019 first time buyers could open a Help to buy ISA to help save for their first home. The Government contributed a 25% bonus, up to £3,000 per ISA payable when the funds are used to buy the home. Though phased out in November 2019 the Help to buy ISA is still operating for existing account holders.
From 6 April 2017 UK resident individuals aged between 18 and 40 may open a Lifetime ISA to save up to £4,000 per year. The Government will contribute a 25% bonus up to £1,000 per year. The funds can be withdrawn from age 60 onwards or when the saver is terminally ill. The savings may also be used to help purchase the saver’s first home worth up to £450,000, after the account has been open for at least 12 months. The Government bonus will be lost if the funds are accessed for other purposes.
Premium Bonds
Individuals may invest up to £50,000 in premium bonds. Any winnings are tax free.
The odds of winning a prize for each £1 bond number are currently 24,500 to 1. There are two £1m prizes per month. The balance of the prize fund is allocated into three value bands: 10% in the higher band ( £5000 to £100,000) , 10% in the medium band (£500 and £1000) and 80% in the lower band ( £100, £50 and £25).
