Individual savings accounts (ISAs)

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

Introduction

Individual savings accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares products held by those over 16 years of age, but in November 2011 the junior ISA was launched which allows tax-free cash accounts to be set up for the benefit of those under 16. See the Junior ISAs guidance note.

Help to buy ISAs were introduced from 1 December 2015 as a tax-free cash account aimed at encouraging first-time buyers to save for a UK residential property. As well as receiving interest on the balance tax-free, the Government supplements the amount saved with a 25% bonus (up to a maximum of £3,000) when the property is purchased. These ISAs are closed to new savers with effect from 1 December 2019, although anyone with an existing help to buy ISA can keep saving into the account until 30 November 2029.

Lifetime ISAs were introduced from 6 April 2017. Like the help to buy ISAs, the Government will supplement the amount saved

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Personal Tax

VAT on property disposals

VAT on property disposalsThis guidance note provides an overview of the VAT treatment of selling property that is located in the UK. The UK includes Great Britain, Northern Ireland and the territorial sea of the UK. The sale of any land or building located outside the UK is outside the scope of UK

14 Jul 2020 13:57 | Produced by Tolley Read more

Class 1 v Class 1A

Class 1 v Class 1AClass 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met

Owner-Managed Businesses

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more

��Ӱ��