A stocks and shares ISA offers a tax efficient way of investing where the returns on your investments are free from Income Tax or Capital Gains Tax. Remember that tax rules and allowances can change at any time.
The annual ISA limit for the 2016/2017 tax year is £15,240 and the annual ISA limit for the 2017/2018 tax year is £20,000. Deposits for the 2016/2017 tax year can be made up to and including 5 April 2017. Deposits for the 2017/2018 tax year can be made from 6 April 2017.
Please be aware that if you make deposits for the 2016/2017 and/or 2017/2018 tax year which are less than the full ISA allowance for that tax year, you won’t be able to pay into another ISA of the same type in the same tax year to use the remaining allowance.
For the 2016/2017 tax year you can subscribe your ISA allowance into a cash ISA, a stocks and shares ISA, an innovative finance ISA or a combination of the three.
For the 2017/2018 tax year you can subscribe your ISA allowance into a cash ISA, a stocks and shares ISA, an innovative finance ISA, a lifetime ISA or a combination of the four. (Santander doesn’t offer an innovative finance ISA or lifetime ISA).
You can transfer an ISA from one provider to another. This includes money you have accumulated from previous tax years and any money that you may have paid into an ISA in the current tax year.