You can save tax-free with Individual Savings Accounts (ISAs).
In the 2016 to 2017 tax year, the maximum you can save in ISAs is £15,240
There are 3 types of ISA:
- cash ISAs
- stocks and shares ISAs
- innovative finance ISAs
You can put money into one of each kind of ISA each tax year.
Who can open an ISA
You must be:
- 16 or over for a cash ISA
- 18 or over for a stocks and shares or innovative finance ISA
- resident in the UK
- a Crown servant (eg diplomatic or overseas civil service) or their spouse or civil partner if you don’t live in the UK
You can’t hold an ISA with or on behalf of someone else.
You can get a Junior ISA for children under 18.