The ISA allowance for 2014/15 will be £11,880 following the latest set of inflation figures released. The inflation (Consumer Prices Index, CPI) figure for the September prior to the end of the tax year has been set as the figure that will be used each year for setting the new allowances. As this was 2.7% in September 2013 the allowance will be £11,880 after allowing for a rounding up exercise to make the allowance easily divisible by £120.
That means the Cash ISA allowance will be £5,940.
The allowance for Junior ISAs is expected to increase to £3,840.