Do you have any of the following Individual Savings Accounts (ISAs):
Cash ISAs
Stocks and Shares ISAs
Innovative Finance ISAs
Lifetime ISAs
If so, you can save £20,000 tax free in the tax year 2023/24 but you have until the 5 April to do so.
Benefits of having a ISA:
You do not pay any tax on interest on cash or income or capital gains from investments in an ISA
You cash withdraw money out of an ISA at anytime, without loosing tax benefits. (Lifetime ISAs have different rules).
You can transfer your ISA from one provider to another at any time. Doing this means you will be able to benefit from better interest rates or deals other providers are offering.
Your spouse will be able to inherit your ISA should you unfortunately pass away (check your ISA terms and conditions for more details).
For more information please visit:
Individual Savings Accounts - https://www.gov.uk/individual-savings-accounts
Lifetime ISAs - https://www.gov.uk/lifetime-isa
Junior ISAs - https://www.gov.uk/junior-andividual-savings-accounts
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