What is an ISA?
An ISA is an Individual Savings Account and is not a product in its own right. An ISA is a ‘wrapper’ in which you can shelter savings and investments from tax.
There are multiple types of ISA available; a cash ISA, a stocks and shares ISA and an Innovative Finance ISA.
The Lifetime ISA is available for those between 18 and 40. The Junior ISA is available to those under 18.
You can put money into an ISA, up to a set limit each tax year. This limit is known as your ‘ISA allowance’. Any returns or gains made from money placed in an ISA are not subject to income and capital gains tax. You don’t even need to declare ISAs on your tax return.
How many ISAs can I have?
Each tax year you can subscribe (deposit money into) one of each type of ISA. Ensure that the total amount invested into all your ISAs combined is within the limit of the annual ISA allowance. For example, you can subscribe to one Innovative Finance ISA, one cash ISA and one stocks and share ISA in each tax year. The ISA subscription for the tax years running from 6 April 2022 to 5 April 2023 and 6 April 2023 to 5 April 2024 is £20,000.
What is a flexible ISA?
With a flexible ISA, you can take money out and replace it within the same tax year without it affecting your tax-free ISA allowance.
Not all ISA providers offer flexible ISAs and Lifetime ISAs and Junior ISAs are not flexible at all. The LHX ISA is flexible.
Goji Financial Services Limited (“Goji”) is the ISA manager of the London House Exchange (LHX) Innovative Finance ISA (“IFISA”).
- For all customer support, please continue to contact firstname.lastname@example.org
- Goji’s address is: Second Floor, 10-12 Alie Street, London, E1 8DE