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ISA allowance 2020/21

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Hattie625Hattie625 Forumite
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Does anyone know what the ISA allowance will be for the new tax year? I can't find any information on this. Is it normally set in the budget in March?
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  • Ed-1Ed-1 Forumite
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    It's usually confirmed in the Autumn Budget Statement so as there wasn't one you can assume it will continue to be £20,000.
  • colstencolsten Forumite
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    There should be a Budget on March 11 
  • ThrugelmirThrugelmir Forumite
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    colsten said:
    There should be a Budget on March 11 
    Only if the new Chancellor sticks to the current date. 
    "Markets have been so good for so long. That many investors are trivialising the advantages of actively managing portfolio risk." - Gervais Williams
  • AlexlandAlexland Forumite
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    My guess it they will hold the £20k ISA (of which up to £4k Lifetime ISA) limits and inflation uplift the Junior ISA limit again. ISA limits are hardly a priority for the government at the moment.
  • darkidoedarkidoe Forumite
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    Old_Lifer said:
    I cannot see ISAs as they are at present continuing  for much longer.   A few years ago the annual limit was several thousand pounds and now it is £20,000.  I understand there are already several hundred ISA millionaires and with the £20,000 limit nowadays I expect this will increase rapidly in the next few years and  I expect  that   many of today's ISA millionaires will be  become double-ISA millionaires.   I think all this money  sheltered in ISAs  and protected from Income and Capital Gains Taxes will prove  an irritant for the Government.
    I would expect restrictions will be placed on ISAs at some point in the future,   either a lifetime cap on the amount that can be contributed to an ISA  or a cap on the amount that can be held in an ISA.
    Make hay while the sun shines!
    Agree. I don't think many people appreciate how useful ISA can be in a savings/investment tool. 

    Problem with the government is, the people who can or have enough to make full use of the ISA are probably the ones who are in the government or would support continuing ISAs as it is.

    Save 12K in 2020 # 38 £0/£20,000
    Save 12K in 2019 # 5 £27,185.70/£20,000 Achieved!
    Save 12K in 2018 # 31 £20,141.05/ £15,000 (134%) Achieved!
    Save 12K in 2017 # 9 £15,848.84/ £15,000 (105.65%) Achieved!
    Save 12K in 2016 # 8 £19,721.58/ £12,000 (164.35%) Achieved!
  • EthicsGradientEthicsGradient Forumite
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    colsten said:
    That's why I said there should, rather than will, be one on March 11.
    They've now confirmed it will still be March 11.
  • Yellowvest23Yellowvest23 Forumite
    18 posts
    10 Posts
    I think the real problem is that there aren't enough different kinds of ISAs. Hopefully they'll be introducing 2 or 3 new types, including the Brexit ISA (max contributions £350m per week).
    or even an EU isa were you pay in £10 billion a year and its then distributed to your neighbours to do up their houses.
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