Lifetime ISAs can hold cash and/or stocks and shares and so form part of these breakdowns in table 9.6. Lifetime ISAs face different subscription limits of £4,000 per year, and face certain withdrawal charges for early access, except in certain cases such as retirement or the purchase of a first home. There is no life time limit on the amount that can be saved in an ISA (other than the annual subscription limit) or on the amount of income that can be earned tax free. Investments in approved life products can be held in either a cash ISA or a stocks and shares ISA. Each ISA manager must offer the ISA holder the opportunity to transfer their account to another manager - funds invested in a stocks and shares ISA can only be transferred to another stocks and shares ISA however, funds invested in a cash ISA can be transferred either to a stocks and shares ISA or another cash ISA. Individuals have the right to access their investment at any time and there are no statutory lock-in periods. There is no income tax to pay on the income received from ISA savings and investments, nor is there any tax to be paid on capital gains arising from ISA investments. In each tax year individuals may subscribe to separate cash, stocks and shares, Innovative Finance and Lifetime ISAs. There are 4 main types of ISA - cash ISA, stocks and shares ISA, Innovative Finance ISA and Lifetime ISA. The value of savings accumulated in an ISA account (as measured at the end of the tax year) including capital growth and any interest and dividend income retained in the account is referred to here as ISA ‘holdings’.īecause the subscription limits are tax year based, ISA statistics are analysed using income tax years (running 6 April to the following 5 April). Savings that are newly invested in an ISA account in a particular tax year are referred to in this publication as ISA ‘subscriptions’, although income earned in an ISA account remains tax free whether or not further subscriptions are made. The estimated Exchequer cost of the tax relief for ISAs in 2020 to 2021 was around £3.5 billion. ISAs are tax exempt cash, stocks and shares and/or innovative finance accounts under which any income received in the form of interest and dividends is free of tax, and on which there is exemption from capital gains tax on any capital growth. ISAs were introduced on 6 April 1999, replacing the earlier Personal Equity Plans ( PEPs) and Tax-Exempt Special Savings Accounts ( TESSAs). This publication will be released annually in June. Table 2, subscriptions to CTFs in the year 2021 to 22.Īll HtS tables have been updated up to 31 March 2023.Īll LISA tables have been updated up to 5 April 2023. Table 1, market values of CTFs as at 5 April 2022. New information has been included on the number of CTFs that have matured and are unclaimed and those that have been withdrawn. The CTF tables have been updated for the 2021 to 2022 tax year. Previous publications including those years can be found in the National Archives. This publication no longer includes information on ISAs prior to and including 2007 to 2008. ISA saving up to 5 April 2021):ĩ.7, number of adults subscribing to an ISA by income during the yearĩ.8, number of adults subscribing to an ISA during the year by age and sexĩ.9, number of adults subscribing to an ISA during the year by regionĩ.10, market value of adult ISA funds by income levelĩ.11, market value of adult ISA funds by age and sexĩ.12, market value of adult ISA funds by country and region Tables 9.7 to 9.12 have been updated for the 2020 to 2021 tax year (i.e. ISA savings up to 5 April 2022):ĩ.4, total amounts subscribed to an ISA, and number of ISA accounts receiving subscriptions Tables 9.4 and 9.6 have been updated for the 2021 to 2022 tax year (i.e. ISA managers supply aggregate and individual data at different times of the year and this results in tables being updated for different tax years dependent on data availability. In addition to information on ISAs, this publication also shares information on Child Trust Funds ( CTFs) and Help to Save ( HTS) accounts. This note provides details of the data used in the publication and the estimation methodologies. This publication contains information on tax exempt Individual Savings Accounts ( ISAs) drawn from the data that Financial Institutions (also referred to as ‘ ISA providers’ or ‘ ISA managers’) are required to report to HM Revenue and Customs.
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