Make the most of your annual ISA allowance

isa savings allowance

For intermediaries only

1. EVERYONE age 18 or over has an annual allowance of up to £20,000. It is a case of"use it or lose it" by April 5, 2019, as unused allowances cannot be carried over.

2. IN terms of using it, either put up to £20,000 in cash, stocks, and shares or an innovative finance ISA -- or split the £20,000 between the types you prefer.

3. DON’T forget the kids. Anyone aged 16 or over can open a cash ISA with the maximum £20,000. Children of all ages can also have a Junior ISA – where parents can salt away £4,260 on their behalf.

4. YOUNGSTERS aged 16 to 18 can open a cash ISA and a Junior ISA in the same tax year, meaning for two years they can shelter up to £24,260 a year tax-free.

5. SAVERS can also opt for a Lifetime ISA to help buy their first home or save for later life. You must be 18 or over but under 40 to open one. The limit is £4,000 each year until age 50. The Government will add a 25 per cent bonus to the savings, up to a maximum of £1,000 per year. The £4,000 counts towards the £20,000 Isa allowance. From age 50, you can no longer pay into the Lifetime ISA or earn the bonus.

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