ISAs are not just for higher-rate taxpayers or wealthier investors. All adults who are resident in the UK for tax purposes are entitled to invest in an ISA, and you can even open a Junior ISA on behalf of your children, who get their own allowance of £4,080 for this tax year. You can open a cash ISA at 16 years and then open a stocks and shares ISA at 18 if you wish.
You can choose to save in the following ways:
Use the full £15,240 in a stocks and shares ISA.
Use the full £15,240 in a cash ISA.
A combination of amounts between a stocks and shares ISA and cash ISA up to the overall limit of £15,240.
Why is it important to use the full allowance each year?
An ISA is a tax-efficient way of saving or investing.
You can’t roll over your allowance into the next year if you don’t use it.
Can I transfer my ISA from another provider?
Yes. You can transfer your ISA from one provider to another. You can transfer a cash ISA to another cash ISA with a different provider. You can do the same with stocks and shares ISAs. You can also transfer a cash ISA to a stocks and shares ISA and vice versa.
Why invest with Legal & General?
We are one of the UK's leading financial services companies. As at 31 December 2015, the total value of assets across the group was £746.1 billion, including derivative assets.
You can manage your investments online with My Account.
The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances.
Although there is no fixed term, you should consider stocks and shares ISAs to be a medium to long term investment of ideally five years or more.
Please remember, the value of your stocks and shares ISA and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest.
The money invested in a Junior ISA is locked away until your child becomes 18 and then rolls up into an adult ISA. You should consider it to be a medium to long term investment, ideally of five years or more.
Stocks and Shares ISA
Invest in a range of unit trusts with a tax-efficient ISA.