This year’s ISA allowance
Each tax year the Government gives you an ISA allowance to enable you to save and invest tax-free. in the current tax year you can invest up to £15,240.
What are the Options?
You can allocate your annual ISA allowance between both a Cash ISA and an Investment ISA in any way you like, as long as you stay within your ISA allowance. Below are some examples of how you could split your allowance.
Tax-free means the policy grows free of income and capital gains tax (other than tax on dividends from UK shares). Tax treatment depends on individual circumstances and tax law may change in the future. With stock market investments, the value of your investments can fall as well as rise and you could get back less than you have paid in.
Please note that Scottish Friendly only offers transfers into an Investment ISA.
ISA allowance FAQs
Q. What is my total ISA allowance this tax year?
A. Your total allowance is £15,240 for tax year 2015/16.
Q. How much can I save in a Cash ISA?
A. You can save up to £15,240 in a Cash ISA in 2015/16 with another ISA manager. Less any amounts subscribed to a Stocks and Shares ISA.
Q. How much can I invest in a Stocks and Shares ISA?
A. You can invest up to the £15,240 in a Stocks and Shares ISA, also know as an Investment ISA. Less any amounts subscribed to a Cash ISA.
Q. Can I only have one kind of ISA?
A. No – you can have both a Cash ISA and a Stocks and Shares ISA at the same time, as long as you stay within the annual limit.
Q. Are the limits different if I want a Junior ISA?
A. Yes. You can save or invest up to £4,080 in a Junior ISA in 2015/16. Again, you can split that between a Cash Junior ISA and a Stocks and Shares Junior ISA if you like. Customers can invest in an adult ISA and a Junior ISA each tax year.
Junior ISA rules
The current Government rules mean that you can put a total of £4,080 into a Junior ISA during the 2015/16 tax year.More about your Junior ISA allowance
No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.