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New Tax Year, Same ISA Limits

The amount that can be invested in an Individual Savings Account (ISA) is
set by the Government on a tax year by year basis. Unused allowances
can’t be carried over from one tax year to the next; but the start
of the new tax year on 6 April 2022 means that a fresh tranche of ISA
allowances are now available.

For adults, the ISA allowance for 2022/23 is £20,000; the same rate that
has applied since the 2017/18 tax year. Individuals can split their
investment between stocks & shares or cash ISAs as long as the
total invested in one year doesn’t exceed £20,000. Those aged
between 18 and 39 also have a lifetime ISA option available. This is
subject to a maximum investment of £4,000 and forms part of the
overall £20,000 limit.

The Junior ISA limit is £9,000 which can be split between cash and
stocks & shares. Individuals can take control of their Junior ISA
when they turn 16 but cannot withdraw funds until they are 18.

If you are looking for advice on investments, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website.