Just 2 Days Left to Use Your ISA Allowance!
We’ve spoken quite a bit about ISAs on this blog in the last month or so, so I’m not going to go to overboard today. The main reason we’ve been giving the subject so much attention, though, is due to the fact that the ISA allowance cut off date has been creeping up on us slowly but surely, so we wanted to give everyone plenty of notice about this so that they could make the most of their own personal ISA allowance, as well as the ISA allowances of their children.
Well, with the ISA allowance cut off date now being just 2 days away, we thought it would be good to fire out one final reminder to you all, just to make sure that you don’t miss the opportunity to save up some tax free cash. Let’s just remind ourselves of how much you can put away before the April 5th cut off date to avoid paying unnecessary tax on the proceeds of your savings.
Adult ISA Allowance
If you have not yet placed any money into an ISA in the current tax year – running from April 6th 2015 – then you can save/invest up to £15,240 into either a Cash ISA, a Stocks and Shares ISA, or a mixture of the two. You will need to have the money in your ISA by midnight on the 5th of April 2016.
Junior ISA Allowance
If you want to make the most of your child’s ISA allowance and invest in a Junior ISA, then the same rules apply as to the date you need to have deposited the money by, this being midnight on the 5th of April 2016. The amount you are allowed to deposit is slightly different, though, as you can only deposit up to £4,080 into a Junior ISA in this current tax year for each of your eligible children.
So, if you’ve been putting off this years ISA investments for another day, then it’s important not to delay further. There are now only 2 days left to use up as much of this year’s allowance as possible and remember, ISA allowances do not roll over into the following year, so if you don’t use it by midnight on the 5th of April, it will be gone forever.
Hope you enjoy the rest of your weekend folks!