ISA allowance 2017/18

If you didn’t deposit £15,240 into your ISA for 2016/17, the window has closed and this is now lost forever.

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However, the ISA allowance for the new 2017/18 tax year, which started on April 6, is £20,000. This is great news for those who want to save their money in tax efficient ways.

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Despite the introduction of the personal savings allowance (PSA) last year, which reduces the tax on returns from savings held outside an ISA, cash ISAs are still worthwhile for savers with large balances.