Tax free savings

If you don't use your annual allowance you lose it!

The current ISA allowance must be used within the current Tax Year, which runs from 6th April to 5th April the following year.  If you do not use this allowance it is lost.  There is no 'carry-back' whatsoever. 

ISA Allowance

There is a total annual limit as to how much you may invest into ISAs.  The total annual ISA limits are set by HMRC.

The ISA limit is currently £20,000 for the 2022/23 tax year.

The whole of your annual ISA limit can go into a Stocks & Shares ISA, or you may split your ISA limit across a Cash ISA and a Stocks & Shares ISA.  The full £20,000 can be invested in a Cash NISA, or a Stocks & Shares NISA, or split between the two.  For instance, during the 2022/23 Tax Year, when the total annual NISA limit is £20,000, you could invest:

  • £10,000 into a Cash ISA and £10,000 into a Stocks & Shares ISA
  • No investment into a Cash ISA and £20,000 to a Stocks & Shares ISA
  • £20,000 into a Cash ISA and no investment into a Stocks & Shares ISA
  • You can transfer a Cash ISA into a Stocks & Shares ISA, or a Stocks & Shares ISA into a Cash ISA

You may only invest money into one Cash ISA and one Stocks and Shares ISA in any one Tax Year.  Once you have reached the maximum investment in any given financial year, you are not allowed to invest any additional sums, even if you have made a withdrawal from your ISA Account.  You can only put a maximum of £4,000 into your Lifetime ISA in a Tax year.

If you transfer an ISA, you must transfer the current tax year's contribution in full, but for previous tax years you can transfer whatever amount you want.

If you wish to arrange an appointment to discuss investments with our Independent Financial Adviser, just give us a call on 02820762353 or send us an email to and we will get back to you to arrange an initial discussion where we can explain the services we offer and how we may be able to help.

P J McIlroy & Son, Insurance & Investment is authorised and regulated by the Financial Conduct Authority.  Our Firm Reference Number is 136095.  You can check this on the Financial Services Register by visiting the FCA's website or by telephoning the FCA on 08456061234.