We are your accounts department

This year’s budget created a brand new ISA and then introduced changes to the existing ones.  This together with other improvements announced last year is an opportunity to outline those which are available.

1. Adult ISA
   
   Standard Individual Savings Accounts (ISA’s) are available to anyone over the age of 16.  You can invest up to an annual limit of £15240 for 2015/16, which can be invested either in stock and shares or cash, there is no limit to the number of ISA’s you can have, or the different Banks and Building Societies you can invest in.
   
   There is now no longer a difference between stocks & share ISA and those invested in cash.
   
   You are free to switch cash to stocks and shares and vice versa.
   
   
2. Junior ISA
   
   Parents can start JISA’s for children up to their 18^th birthday.  Youngsters aged 16 or over can take control of their own JISA.  However, they cannot withdraw funds from a JISA until they reach 18.
   
   
3. For 2015/16 the annual investment limit is £4080.
   
   
4. New – Help to Buy ISA’s - HBISA’s
   
   These are brand new.  They are intended for future first time home buyers.  Unlike other ISA’s they have an extra incentive.  The government will add a bonus equal to 25% of the amount you save, up to a maximum of £3000.
   
   This is added only when the funds are used against the cost of the savers first home and investments must be in cash.
   
   
5. TISA – Transferable ISA allowance
   
   The transferable ISA allowance was announced last year and was available from 6 April 2015.  It was an extension of the ISA annual investment limit which the deceased’s surviving spouse can use.  It is applicable to deaths on or after 3 December 2011.