OK they’re apparently “NISAs” following the latest upgrades, but I’m sticking to the old name for now.
This is pretty straight-forward stuff. You must use your ISA allowance in its tax year, or else it is lost. You must be over 16 for a cash ISA, or over 18 for “Stocks and Shares” ISAs (typically unit trusts or similar mutual funds).
The allowances are:
- 2014-15 (up to)£15,000 each
- 2015-16:(up to) £15,240 each
From 2014-15, you can invest any proportion into cash or Stocks and Shares – e.g. you can now invest £15,000 into just a cash ISA, or £15,000 into Stocks and Shares ISA, or anything in between.
A married couple could invest £60,480 across both tax years. Most of the larger ISA providers will facilitate a double payment now – (they just hold next year’s part of the payment for a week or two and the invest it for you on April 6th).
(Junior ISAs apply for younger people, which have lower allowances than for adults – see earlier posts).
If you leave it to the last minute and are having difficulty with your provider, or you’d like to set up a new ISA account this year, please give me a call. We have last minute facilities with most of the big platforms (Fidelity, Old Mutual, Cofunds etc.) where we can get your application in. And don’t forget we offer an investment advice service – customised portfolios built around your preferences. Our on-going fee for this service is just 0.5% per year.