Individual Savings Accounts (ISAs)
Posted on 17th August 2022 at 13:06
Announcement from the Government Spring Update 2022
Individual Savings Accounts (ISAs)
From April 2022
• Maximum contribution will remain at £20,000
• Withdraw and repay without using your entitlement.
• Junior ISA will remain at £9,000.
Lifetime ISAs
ISAs continue to be available for 18-40-year-olds for those looking to save for their first home, retirement or both. This lets you save £4,000 annually with the state adding a 25% bonus on top.
• You can only withdraw the money when you buy your first home (as a deposit) or after you reach 60 or are terminally ill. If you withdraw the money for any other reason a 25% penalty will apply.
If you have any queries about your ISA please contact us here.
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