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ISA top up reminder

It’s a new tax year and to make sure you make the most of your ISAs, here are a few reminders for the new financial year 2022/23.

  • You will need to make sure you do not to exceed the annual ISA allowance for the financial year (April 6th to April 5th the following year). This year’s limit remains at £20,000
  • You may wish to split your ISA allowance across difference ISA types. Each new tax year you can open and pay into one of each of the following ISA types – Lifetime ISA, Innovative Finance ISA, Cash ISA, and Stocks & Shares ISA
  • The Junior ISA limit for 2022/23 remains at £9,000
  • You do not pay tax on income received from investments within the ISA, nor Capital Gains Tax (CGT) on any profits
  • There is no tax to pay on the interest earned in a cash ISA
  • You can transfer ISAs you have opened in previous tax years, and this will not affect your ISA allowance for the current tax year
  • You cannot open a joint ISA, they must be held in one name only

If you would like to discuss any elements of an existing or new ISA account, please contact us today on 01676 523550 or make an enquiry here.

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