New tax year, new tax allowances

10 April 2019 - Get an early start: shelter up to £20,000 in an ISA and up to £4,368 in a Junior ISA in the 2019/20 tax year.

We are now in the new 2019/20 tax year and early-bird investors will be thinking about making the most of the new increased tax allowances.

New tax allowances

• The maximum amount that can be sheltered in an ISA has remained at £20,000 or £1,667 per month.
• Junior ISAs and Child Trust Funds have seen their allowance increase to £4,368 or £364 per month.
• There have been no major changes to pension allowances this tax year, so most people will be allowed to pay up to £40,000 (gross) into their pension in 2019/20 (please note this amount depends on your individual circumstances).

The lifetime pensions allowance has been increased in line with inflation (consumer price index) for the 2019/20 tax year by £25,000 and now stands at £1,055,000.