ISA Limits
ISA Eligibility
Who can subscribe to a Stocks and Shares ISA?
- A person who is aged 18 or over;
- A person who is resident & ordinarily resident in the UK*;
(Includes Crown employees serving overseas and their spouses); - A person who has not subscribed to another Stocks & Shares ISA in the same tax year.
Investors cannot subscribe:
- After they cease to be resident and ordinarily resident in the UK*;
- After they cease to perform duties as a Crown employee serving overseas;
- After they cease to be married to a Crown employee serving overseas.
*The UK means England, Wales, Scotland and Northern Ireland including the territorial sea. It does not include either the Channel Islands or the Isle of Man.
ISA Subscription Limit for 2012-13
In April 2011, the Individual Savings Account (ISA) limits were increased for the first time in line with the Retail Prices Index (RPI). In his Budget 2010, the Chancellor had announced proposals to move the indexation within the tax system from RPI to the Consumer Prices Index (CPI). HMRC announced in October 2011 the new ISA limits for 2012/13, in accordance with this policy.
The new annual limits have again been rounded to the nearest multiple of 120, so that individuals who save monthly will be able to calculate their monthly savings more easily. The CPI figure for September 2011 was 5.2% so the new limits (suitably rounded) will result in an increased annual ISA limit for the 2012/13 tax year of £11,280. The Cash ISA limit will increase accordingly to £5,640.