DOWNLOAD: July 2024 Making the most of ISAs

UPDATED on July 2024

Individual Savings Accounts, universally known as ISAs, began life as relatively simple savings plans in 1999, but over the past 25 years the rules surrounding them have become ever more complex – and may yet become more so. While there have been calls to make the regime simpler and more accessible, until recently the government had shown relatively little interest in ISAs. For example, the main contribution limit has been unchanged since April 2017. Then in the Autumn 2023 Statement the Chancellor simplified some of the administrative complexities but also removed one investment opportunity. Subsequently, in the March 2024 Budget, the Treasury launched a consultation on a new ‘UK ISA’ which, as its name suggests, would be focused on UK investment. Rachel Reeves, the new Chancellor, has said she supports the initiative.

The government’s website says there are currently only four categories of ISA – cash ISAs, stocks and shares ISAs, innovative finance ISAs, and Lifetime ISAs – but variants exist for specific investment needs.

This guide will explain how the main variants work, in order of their original launch date.

Please note that all examples included in this guide are fictitious.

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