The current full year tax allowance is £20,000 for individuals who reside in the UK. This means a married couple could invest £40,000 tax-free in this current tax year 2020/2021.
Advantages of Stocks and Shares ISA?*
Invest up to £20,000 in tax year 2020/2021
Invest either a lump sum or regular contribution per month
No Capital Gains tax
Transfer existing ISAs under one wrapper
Tax on dividends are capped at 10%
Disadvantages of Stocks and Shares ISA?*
Losses cannot be offset against Capital Gains
Charges, Fees and commission can accumulate if you over trade
Your investment can fall in value, unlike a Cash ISA
Stockmarket volatility is not for all investors
If you’re thinking of consolidating previous years ISAs please see our accounts elsewhere page for further details regarding the transfer process.
*Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.