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15th February 2024

ISA CampaignIf you haven't already, there’s still time to invest up to £20,000 into an ISA and up to £60,000* into a Pension this tax year (2023/2024), if you act now.

If you’re thinking of making a contribution, please contact your independent financial adviser directly, or request a callback, as soon as possible before 29th February 2024. We’re here to help.'

Frequently asked questions

How much can I invest in an ISA this tax year (2023/2024)?

For the 2023/24 tax year, the maximum ISA allowance is £20,000. You can choose to invest your money in one type of ISA account, or you can split the allowance across some or all of the other types available. The tax year runs from 6 April to 5 April and your allowance re-sets at the start of each year, so if not used is lost. You can only pay £4,000 into your Lifetime ISA (LISA)[1] in a tax year up to the age of 50 and to this the government will add a 25% bonus (you can use a LISA to buy your first home or save for later life, but you must be 18 or over but under 40 to open one), and this leaves £16,000 to contribute to other ISA accounts. Parents and guardians can set up an ISA for their children under the age of 18, then parents and others can invest up to £9,000 (2023/2024) in a Junior ISA for the child and this is in addition to the £20,000 allowance.

What are the benefits of investing in an ISA?

There are a number of benefits to investing in an ISA:

  • It is a tax efficient way of saving, free of capital gains tax and income tax.
  • You have the flexibility of changing your investments as your needs change; so, you can use your ISA to grow your savings, or take an income when you need it.
  • There is no fixed term, although you should be prepared to hold on to your investment for at least five years, ideally longer. (There may be some restrictions on particular ISAs such as the Lifetime ISA and Innovative Finance ISA.)

How much can I invest into a Pension this tax year (2023/2024)?

There’s still time to invest up to your annual allowance of £60,000* into a pension this tax year (2023/2024). To make the most of your annual pension allowance you can either contribute personally or from your business. Employer contributions also count towards your limit and if you receive bonuses before the end of the tax year, it may be possible to sacrifice these for an equivalent employer pension contribution. This can be very tax-efficient if you don’t need to take the extra money now, so speak to your employer if this might apply to you.

What are the benefits of investing in a pension?

There are a number of benefits to investing in a pension:

  • It is a tax efficient way of saving for your retirement; with income tax, capital gains tax and inheritance tax^ benefits once the investment are held in the pension wrapper.
  • You can benefit from tax relief on contributions.
  • You can access a wide range of investment options within the pension contracts we recommend.
  • You have the flexibility to invest in a portfolio aligned with your appetite for risk.
  • Most pension contracts provide a wide range of options when it comes to taking benefits.

*Pension contributions are dependent on your personal circumstances, please speak to your financial adviser as you may also be able to make use of unused allowances from up to the previous three tax years.

[1] Currently you can only withdraw money from your ISA if you’re either; buying your first home; aged 60 or over; or are terminally ill with less than 12 months to live. If you take money out at another time, you’ll pay a withdrawal charge of 25%. This recovers more than the government bonus you received.


Our Financial Advisers are available on the phone so please contact us if you have any questions.

Important Information

Past performance is not a guide to future performance and may not be repeated. Investment involves risk.

The value of investments and the income from them may go down as well as up and investors may not get back any of the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rate changes may cause the value of overseas investments to rise or fall.

^The FCA does not regulate inheritance tax planning

This communication is for information purposes only and is based on our understanding of current UK tax legislation and HM Revenue and Customs (“HMRC”).  Levels and bases of taxation and reliefs are subject to change and their value to you will depend on your personal circumstances. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation. This communication should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the document.

Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies within the same group as Ascot Lloyd as a result of using different assumptions and criteria.

This communication is issued by Capital Professional Limited, trading as Ascot Lloyd.  Ground Floor Reading Bridge House, George Street, Reading, England, RG1 8LS.  Capital Professional Limited is registered in England and Wales (number 07584487) and is authorised and regulated by the Financial Conduct Authority (FRN: 578614).