What does ISA ALLOWANCE mean?
The ISA allowance means the amount of money that can be either saved or invested in a tax free wrapper called ISA. Currently the allowance is £7000 per tax year. You can have a MAXI ISA which is one provider and you can put your whole allowance into stocks and shares or split that with a cash investment and that allows up to £3000 per tax year currently. If you wish to use different providers you can take out mini isa’s. The allowances will increase next tax year to an overall £7200 with the cash component taking £3600, an increase of £600. Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.
