For many the ISA season has only just started and considerations for the next tax year are, well, a year away. However, investors that do make full use of their ISA at the beginning of each tax year, or invest on a regular monthly basis will want to know in order to make their plans in advance.
The ISA allowance for the 2012/13 tax year will be £11,280 per person.
For those investing monthly you will need to change your direct debit instruction after the March 2012 collection, or set up a new one in April to make sure you make full use of the ISA allowance with 12 lots of £940.
The new tax year would also be a good opportunity to reassess what funds you are investing in and whether it may be appropriate to consider alternative funds instead.
Up to £5,640 can be saved into a Cash ISA and the balance into a Stocks and Shares ISA subject to the maximum overall limit of £11,280.
Of course the adult ISA is now not the only ISA available with Junior ISAs now very much a part of the product range offered by financial institutions. The limit for the Junior ISA is £3,600 per child. However if you are considering this option then please read my recent blog Is a Junior ISA a Good Idea?
If you would like advice relating to any of your investments then please contact us today.