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How much can you put in an ISA?
Every adult in the UK gets their own ISA allowance each tax year. Investing into an ISA can be tax efficient. However, there is a limit to how much you can contribute to an ISA – this limit is known as your annual allowance - and it varies depending on the type of ISA you have.
How does the ISA allowance work?
Having an ISA is a tax-efficient way to invest your money, as you won’t be charged tax on the interest or returns you may earn. But there is a limit to the amount you can put into an ISA in a tax year. In the 2023/24 tax year, the maximum you can put into ISAs is £20,000 and for Junior ISAs it’s £9,000.
Where can I put my ISA allowance 2023/24?
Where you put your ISA allowance will depend on your goals. If you invest with us, you have the following ISAs available to you at John Lewis Investments:
Stocks and shares ISA: any money put into a stocks and shares ISA will be invested in global equity and bond markets.
Junior ISA: a Junior ISA can be opened for a child and only they can access the money when they turn 18. Again, these contributions will be invested in global equity and bond markets.
For both our stocks and shares ISA and Junior ISA you can choose the type of investment style: Fully Managed or Socially Responsible Investments.
How much is the ISA allowance 2023/24?
Every tax year, every adult gets a new ISA allowance. The tax year runs from 5 April (current year) to 6 April (next year).
ISA allowance for 2023/4: £20,000
Junior ISA allowance for 2023/4: £9,000
Please remember you won’t be able to carry over any of your ISA allowances that you don’t use within a tax year.
What are the ISA transfer rules?
If you are planning to set up a stocks and shares ISA, you will have the choice whether to transfer a previous ISA from another provider. If you transfer the money out yourself, you will lose the tax benefits.
When you sign up for a John Lewis Investment account, we can take care of the transfer for you – including contacting your current provider.
For more information on ISA transfers, read our guide.
As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. A stocks and shares ISA may not be right for everyone and tax rules may change in the future. If you are unsure if an ISA is the right choice for you, please seek financial advice.
To open a John Lewis Investments JISA, your child must be under the age of 16 and funds cannot be withdrawn until your child turns 18. Tax treatment depends on your individual circumstances and may be subject to change in the future. If you are unsure if a Junior ISA is the right choice for you and your child, please seek financial advice.
John Lewis plc trading as John Lewis Finance acts as an Appointed Representative of Nutmeg Saving and Investment Ltd for the purpose of making introductions to Nutmeg and distributing financial promotions. John Lewis Investments services are provided by Nutmeg Saving and Investment Limited; authorised and regulated by the Financial Conduct Authority, no. 552016, registered in England and Wales, no. 07503666, with a registered office at 25 Bank Street, Canary Wharf, London E14 5JP.