You can find some very thorough information on Individual Savings Accounts (ISA), such as the types offered, eligibility, how they work and how to apply on the website.

    Who Can Open an ISA?

      You must be:

      • 16 or over for a cash ISA
      • 18 or over for a stocks and shares or innovative finance ISA
      • 18 or over but under 40 for a Lifetime ISA
      • a resident of the UK
      • a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if you do not live in the UK

      You cannot hold an ISA with or on behalf of someone else.

      You can get a Junior ISA for children under 18.

        How ISA’s Work

          There are 4 types of individual savings accounts (ISA):

          • cash ISA
          • stocks and shares ISA
          • innovative finance ISA
          • lifetime ISA

          You do not pay tax on:

          • interest on cash in an ISA
          • income or capital gains from investments in an ISA

          If you complete a tax return, you do not need to declare any ISA interest, income or capital gains on it.

          Putting Money Into an ISA

          Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April.

          You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.

          You can only pay £4,000 into your Lifetime ISA in a tax year.