General

Question 1

Do income & Gains need to be entered of tax return?

Answer 1

No

Question 2

Do ISAs count towards income that determines PA, pensions tapered annual allowance or child benefit tax charges

Answer 2

no

Question 3

What is the over all contribution limit?

Answer 3

£20,000 per person per tax year

Question 4

When did help to buy ISAs stop?

Answer 4

30 November 2019

Question 5

What is a flexible ISA?

Answer 5

Option to withdraw cash and replace in same tax year without affecting the contribution limit

Question 6

What age do you need to be to open cash isa?

Answer 6

16+ but from April 2024 this will be 18+

Question 7

What age do you need to be to open stocks &shares ISA?

Answer 7

18+

Question 8

What age do you need to be to open a junior ISA?

Answer 8

0 to 18
Parent saving for minor children

Question 9

What is annual limit for junior ISA?

Answer 9

£9,000

Question 10

What is an innovative ISA?

Answer 10

Nichë ISA that facilitates peer to peer lending and crowdfunding

Question 11

What can a JISA hold?

Answer 11

Cash or stocks and shares

Question 12

What is the eligibility criteria of an ISA?

Answer 12

Uk resident or crown employee, or their spouse serving overseas

Question 13

Can a non-uk resident investor subscribe to new or existing ISA?

Answer 13

No, however someone who becomes a non-uk resident can retain any existing ISAs which will continue to be tax free

Question 14

What can a non uk resident ISA investor do

Answer 14

Retain ISA until the become uk resident again

Transfer their ISA to a new provider

Make withdrawals

Make fund switches

Question 15

Are ISAs available to trustees?

Answer 15

No they are not available and ISAs can not be gifted to trusts or individuals

Question 16

Can you contribute to more than one ISA?

Answer 16

Yes from April 2024 subscriptions to multiple ISAs of the same type is allowed - not LISA within tax year

Question 17

On death do tax advantages still apply to an ISA?

Answer 17

Yes they continue until sooner of:

Estate is complete
ISA is closed
Three years has elapsed since date of death

Question 18

What is Additional Permitted Subscription?

Answer 18

Additional amount to widow to increase contributions based on the value of the deceased ISA value.

Question 19

Rules of ISA APS

Answer 19

Deceased and spouse must have been living together at date of death

Is available to survivor even if they did not inherit ISA

Limited to value at date of death

Must be claimed within 3 years of death or 180 days of completion of estate

Can by made by non uk residents

Counts as previous years subscriptions for all other ISA purposes