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16th

Mar 2016

ISA allowance will be raised to £20,000 in 2017

Posted on Wednesday, 16th March 2016

From April 2017 savers will be able to save up to £20,000 as part of their annual ISA Allowance,

The ISA allowance which for the upcoming 2016/2017 tax year will remain at £15,240 will increase from the 6th of April 2017. This increase was announced by the chancellor in today’s budget announcement that also included the announcement of a new ‘Lifetime ISA’.

It is unclear if any change will be made to the Junior ISA allowance, which currently has a limit of £4,080.

The lifetime ISA will be a new kind of ISA designed to help people aged between 18 and 40 save for both the purchase of a first time home and their retirement simultaneously, and benefit from up to 25% contributions from the government. Find out more about the Lifetime ISA by clicking here.

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Each tax year, there's a limit set by the government to the amount you can save and invest in ISAs: your “annual ISA allowance”. The allowances are intended to reward savers and encourage us to invest more to support our future retirements, without creating a tax haven that can be taken advantage of by very wealthy individuals who just want to avoid paying tax.

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