The maximum amount that you can invest this tax year is £11,280 into an ISA.
Up to half of this amount can be held in a Cash ISA and the remainder can be invested into a Stocks and Shares ISA with either the same or a different provider.
As an example, in the tax year 2012/2013 an investor could subscribe:
- £5,640 to a Cash ISA and £5,640 to a Stocks & Shares ISA
- £2,000 to a Cash ISA and £9,280 to a Stocks & Shares ISA
- £11,280 to a Stocks & Shares ISA
Therefore you have a lot more flexibility to save through an ISA and if possible, should try to take advantage of your annual tax free allowance.
The maximum ISA allowance for the next tax year that begins on 6th April is £11,520.
If you would like more information on end of year tax planning opportunities centred on your personal circumstances, please contact us >>