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The annual ISA investment limits.
The income from ISA investments is exempt from income tax. Any capital gains made on investments held in an ISA are exempt from capital gains tax.
Savers are able to subscribe any amounts into a cash ISA, a stocks and shares ISA or an innovative finance ISA subject to not exceeding the overall annual investment limit.
Investors may transfer their investments from one kind of ISA to another.
The Lifetime ISA is available for those aged between 18 and 40. Save up to £4,000 each year up until the age of 50, and receive a government bonus of 25% (a bonus of up to £1,000 a year). Savers can use some or all of the money to buy their first home, or keep it until they are aged 60 when the account can be accessed tax free. Conditions apply to the account holder and property purchased. Penalties apply if funds are withdrawn in other circumstances.
A Help to Buy ISA provides a tax free savings account for first time buyers wishing to save for a home. The scheme provides a government bonus to each person who has saved into a Help to Buy ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a maximum bonus of £3,000 on £12,000 of savings. The bonus will be paid in the form of a voucher when the first home is purchased. Conditions apply to the account holder and to the property purchased. Help to Buy ISAs closed to new savers on 30 November 2019. Existing holders can continue saving until 30 November 2029 and will have until 1 December 2030 to claim their bonus.
02 Oct 2020
The existing job support scheme, the furlough scheme, comes to an end on 31 October.
As part of the Winter Economy Plan the Self-Employment Income Support Scheme (SEISS) will be extended under the name SEISS Grant Extension.
Accountants and tax advisers you can count on
We would like to reassure our clients that we are open for business and are keen to offer help and support during these extremely challenging times.
The office will remain open during normal business hours, although in line with Government guidance we are encouraging those members of staff who can to work from home. Rest assured that for our payroll department, along with all other service lines, it is business as usual.
We are, however, trying to restrict the frequency of face-to-face meetings, for the benefit of our clients’ health and wellbeing in addition to that of our staff, families and the wider community. If we are able to assist you by phone or email then this would be the preferred method of communication.
We will keep the “News” section of our website updated with new developments and details of financial support measures as they are announced. In addition, up to date information on available support can be found at these links:
If you have any questions or concerns then please do not hesitate to get in touch with us.