For the current tax year, savers can place up to £20,000 in an ISA. If you don’t use your ISA allowance by the 5th April, you’ll lose it for this year. All UK residents aged 16 or over can save into a Cash ISA, although you have to be 18 or over to have a ‘Stocks and Shares’ ISA.
In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2019/20 tax year, you can invest £4,368 into a Junior ISA for any child under 18.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us