Government introduces a new British investment allowance of £5,000 a year plus new NS&I British savings bond
An Individual Savings Account (ISA) is a tax-advantaged savings account, where income and gains arising from within the account are not subject to UK income tax or capital gains tax. There are currently four types of adult ISAs: Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA, and individuals can subscribe up to £20,000 across all ISAs for the year 2024/25.
The government has announced the introduction of the UK ISA. This will have a new ISA allowance of £5,000 in addition to the existing ISA allowance and will provide a new tax-free savings opportunity for people to invest in the UK, sitting alongside a wider package of measures.
This will be introduced after a consultation which will run from 6 March 2024 to 6 June 2024.