Tax Tip #11 USE YOUR ISA ALLOWANCE

Mar 23, 2016 | Tony Byrne's View

laughter-775062_960_720You should take advantage of ISA (Individual Saving Account) allowances for you and your family and if possible try to straddle both tax years to maximise your tax free ISA allowances. The ISA is one of the best ways of investing savings with freedom from income tax and capital gains tax (CGT).

For this tax year, the standard ISA allowance is £15,240. This limit is for your total ISA investment. It can be in the stocks and shares, cash or a mix of the two.

There is also a Junior ISA (JISA) and the limit for this is £4,080. You can use a JISA for UK resident children, under age 18, who do not have a Child Trust Fund (CTF) account. The JISA can also invest in cash or stocks and shares.

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