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.
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.
Parents can start JISA’s for children up to their 18th
birthday. Youngsters aged 16 or
over can take control of their own JISA.
However, they cannot withdraw funds from a JISA until they reach
- For 2015/16 the annual investment
limit is £4080.
– 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.
– 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