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Tax Year End - Planning for Savings

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DRGT 6

The Savings Allowance means a certain amount of savings income, such as bank and building society interest, can be earned tax-free. In 2021/22, this is up to £1,000 for basic rate taxpayers; up to £500 for those paying at higher rate; but nil for additional rate taxpayers.

2021/22 ISA limits

There are now several different types of ISA on the market, including the Lifetime ISA for adults under the age of 40 and Junior ISAs for those aged under 18. Individuals can invest in any combination of ISA investments up to the overall annual subscription limit of £20,000. The table below outlines the current ISA limits. 

ISA

2021/22 limit

Cash, Stocks and Shares ISA

£20,000 a year

Junior ISA

£9,000 a year

Help to Buy ISA

£200 a month for existing accounts

Lifetime ISA

£4,000 a yea

For further advice on planning for savings, please get in touch or download and read our full guide here.

Posted 2 years ago by Rob Less than a minute to read

 
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