ISA savings limit
The overall ISA savings limit for 2017/18 and 2018/19 £20,000 which you can invest in a cash ISA, an investment ISA, an innovative finance ISA, or a combination of the three.
Lifetime ISA savings limit
The Lifetime ISA has been available from April 2017 for adults under the age of 40. Individuals are able to contribute up to £4,000 per year, between ages 18 and 50, and receive a 25% bonus from the government. Funds, including the government bonus, can be used to buy a first home at any time from 12 months after opening the account, and can be withdrawn from age 60 completely tax free.
You can hold cash or stocks and shares in your Lifetime ISA, or have a combination of both.
There is a 25% charge to withdraw cash or assets from a Lifetime ISA. This does not apply if you are:
- Buying your first home.
- Aged 60 or over.
- Terminally ill, with less than 12 months to live.