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FRIDAY FAQ: What is the ISA allowance for next tax year?

Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to info@dentalandmedical.com


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. 


Q. What is the ISA allowance for next tax year?

Answer:  The ISA allowance for the 2018/19 tax year is £20,000, which remains unchanged from 2017/18.

The government raised the limit from £15,400 after the 2016/17 tax year, allowing individuals to save more money tax-free annually. The limit for contributions into a Lifetime ISA also remains at £4,000, but the allowance for a junior ISA increased from £4,128 to £4,260.

The different types of ISAs are cash ISA, stocks and shares ISA, innovative finance ISA, and Lifetime ISA. You can invest your entire allowance in just one type or split between the different ones, and it resets at the beginning of each tax year. Individual providers offer different rates and terms, but a financial adviser will help you find the best ISA for your needs.

If at any time you need your money, you can withdraw it without losing tax benefits, but be sure to check the terms of your ISA to avoid any charges. If you have a flexible ISA, you can withdraw your money and put it back in the same year without diminishing your yearly quota.


Save money, tax free

ISAs are an excellent way for doctors or dentists to save money since they are tax free. Another advantage is that it is not necessary to declare interest from a cash ISA and income or capital gains from investments in an ISA when completing a tax return.

To learn more about ISAs and their benefits, speak to one of our team today.


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