ISA 2017/18 allowances and deadlines
The end of a tax year brings with it a deadline for using certain tax allowances - such as your ISA allowance, the Annual Allowance for pension contributions, and a child's Junior ISA allowance. Here, we've brought together our award-winning analysis and commentary into this ISA and tax year-end hub.
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|To get you started, here's a reminder of the 2017/18 tax year allowances: they apply to individuals, so a couple can each use these allowances|
|ISA||£20,000 across all current year ISAs |
(i.e. Cash, Stocks & Shares and Innovative Finance ISA)
|Any unused allowance from a previous year is lost - you cannot carry it forward. Money moved between ISAs that are a past year contribution, or the use of an Additional Permitted Subscription do not count as a current year subscription.|
|Pension/SIPP||£40,000 across all your pensions. Plus, you can carry forward any unsuited allowance from the past three years.||The annual allowance falls to £10,000 once you start drawing on your pension.|
|Junior ISA||£4,128 across all current year JISAs (i.e. Cash and Stocks & Share JISAs)||A Child Trust Fund account, which has the same annual allowance, can be transferred to a Junior ISA. Unlike a JISA, the CTF 'year' runs from the child's birthday.|
|Dividend Allowance||£5,000||Excludes dividend income in an ISA or Pension/SIPP|
|Savings Allowance||Basic rate tax payer - £1,000 Higher rate tax payer - £500 Earnings in excess of £150,000 p.a. - no allowance|
|Capital Gains Tax||£11,300|
Let ii help you make the most of your tax allowances
Use your personal allowances
With investment growth free of CGT and no income tax on investment income, an ii shares ISA can make good sense. And running your Shares ISA alongside another account with ii is equally good sense - there are no additional charges for an ISA and you can use your dealing commission credit in the ISA too.
Take full control of your retirement with an ii SIPP. While you are building up your pension pot you’ll pay an annual SIPP administration fee of £100 +VAT, in addition to the quarterly account flat fee charge - which includes £22.50 of dealing commission credit. You won’t find any percentage-based account charges eating into your retirement fund. Invest in funds, shares, ETFs, Investment Trusts and more - all at the same flat dealing fee of £10 per trade.
invest for your children too
Give them a financial headstart with an ii Junior ISA. Whether investing regularly or paying in lump sums when you can, see their fund add up tax-free as your child grows. There’s no cost to add a JISA to your accounts.
Bear in mind the risks
Whichever service is right for you, do remember that the value of the tax advantages will depend on your personal circumstances and may be subject to change. A SIPP is a type of personal pension best suited to those who wish to make their own investment decisions. You can normally only access the money in a pension from age 55 (57 from 2028). Funds contributed to a JISA belong to the child and cannot usually be accessed until age 18.
Please be aware of the risks involved. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If in any doubt as to whether a SIPP or any other service is right for you, please seek advice.