Individual Savings Accounts (ISAs)
The overall ISA savings limit is £15,240 for 2015/16 and will remain at this figure for 2016/17.
Two changes are proposed with effect from 6 April 2016. The following changes will be made to the existing ISA Regulations:
- Savers will be allowed to replace cash they have withdrawn from their account earlier in a tax year, without this replacement counting towards the annual ISA limit for that year. This flexibility will be available in relation to both current year and earlier years’ ISA savings where provided for in the terms and conditions of a ‘flexible ISA’.
- A third ISA, the Innovative Finance ISA, is being introduced for loans arranged via a peer to peer (P2P) platform.
The total an individual can save each year into all ISAs will be increased from £15,240 to £20,000 from April 2017.