You can save tax-free with Individual Savings Accounts (ISAs).
In the 2015 to 2016 tax year, the maximum you can save in ISAs is £15,240
There are 2 types of ISA:
You can put money into one cash ISA and one stocks and shares 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 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.