Important information - investment value can go up or down and you could get back less than you invest. If you're in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of the product you should contact HMRC or seek independent tax advice.
Each year, you can top up your ISAs and set aside even more tax-free money for whatever you have planned. While you can do this at any time, there’s a limit to how much you can add annually – and we’re closing in on that all-important ISA deadline.
But making sure you’re taking advantage of every possible opportunity doesn’t have to be daunting. Let’s run through the when, why and what of your ISA allowance and put your best financial foot forward.
When is the ISA deadline?
For 2023-24, the ISA deadline is midnight on 5 April 2024. You have an annual allowance of £20,000 – the more you top up, the more you stand to financially benefit.
This can be split across all of your ISA accounts, whether it’s a Cash ISA, Stocks and Shares ISA or a Lifetime ISA (though you can only contribute £4,000 a year to this one).
Get your ISA cashback offer
New customers who open an ISA and start a transfer of, or deposit, £2,000 or more before 29 February 2024 will receive a £100 to £1,500 cashback payment.
Once the transfer is complete and additional terms have been met, we'll pay your cashback into your Trading Account. Once you've opened an ISA, a Trading Account can be added for free.
Simply open an account to get started. Cashback paid after 12 months. Terms apply.
Why you should use all your allowance
If you don’t use your £20,000 allowance, you miss out on tax-free savings. You cannot carry it forward to the next financial year. Since ISAs are tax-efficient, they are a great way to save your money.
Whether you’re saving up for a big life moment or are simply putting it aside for the future, the more you add to your ISA, the better.
What this means for you
It means now is a perfect time to set aside some money ahead of the deadline. But something to keep in mind is where your ISA is.
Various providers will have their own rates that you have to consider. At ii, you just have a flat monthly fee, meaning you always pay a consistent price. That predictability makes planning your finances so much simpler.
If that means transferring providers, just know that it won’t affect your allowance. The money you move between accounts is separate from this limit and can exceed it.
Still have questions?
A flexible ISA is exactly how it sounds: flexible. It allows you to withdraw money from your ISA and replace it without using your allowance.
For example, if you add £10,000 and withdraw £4,000, you can add that money back and not worry about your limit – as long as you do so in the same tax year.
With most ISAs, you can withdraw funds at any time; though you may be charged for withdrawing from a fixed ISA early. But there are cases – like with the ii Stocks and Shares ISA – where you won’t have any fees.
Lifetime ISAs are also an exception as you can only use it to buy your first home or access when you turn 60.
You can open multiple ISAs in a year and even have multiple of the same type of ISA. But you can only pay into one of each type of ISA in the same tax year, unless you’re transferring to a new provider. If you’re transferring an ISA, you’ll be able to contribute to the new one in the same tax year.
So if you open a Stocks and Shares ISA today and pay into it, you could open a second, but wouldn't be able to contribute to both within the same tax window.
No, it does not count as opening a new one. Transferring funds to a new provider does not mean you have two of that type of account. This also won't count towards your annual allowance.
Top up your ISA today
Secure your financial future from as little as £4.99 a month. Open an ii Stocks and Shares ISA and make the most of your money.