With the end of the tax year just one month away, it seems an opportune time to remind investors to make sure they’ve used as much of their Individual Savings Account (ISA) allowance of £20,000 as possible.

When you save in an ISA, you don’t pay any tax on interest earned. Please see GOV.UK for further ISA guidance. LandlordInvest offers an Innovative Finance ISA (IFISA) which you can read more about here.

We’ve written before about the benefits of an IFISA, which is particularly relevant as the Capital Gains Tax (CGT) allowance continues to be eroded. We’ve also drawn attention to the outsized returns that could be earned by long term investors using an IFISA.

The 2024/45 tax year brings some changes for ISA rules, most notably that savers will not be limited using a single ISA of each type (Cash, Stock and Shares, Innovative Finance) each year.

Savers will be able to open and pay into multiple ISAs of the same type annually. That will replace current rules that only let you put money into one of each type of Isa every tax year.

For example, if you had an existing IFISA with another provider, you are now allowed to open another with LandlordInvest from 6 April 2024 and be allowed to make subscriptions into both going forward, as long as you stay within the ISA allowance of £20,000 across all ISAs per tax year.

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