Budget  

Budget 2021: Isa and Jisa allowances retained for 2022-23

Budget 2021: Isa and Jisa allowances retained for 2022-23
 Chancellor Rishi Sunak

The Isa and Jisa spending limits have been maintained at their current levels for the 2022-23 tax year.

In the Autumn Budget today (October 27), the government outlined that the annual subscription limit for adult Isas will remain at £20,000 for the next year.

This will represent the fifth consecutive year in which the limit has remained at £20,000, following on from the rapid rises seen between 2010 and 2017.

Junior Isas and child trust fund annual subscriptions will also see their limit maintained at £9,000. The Jisa limit was last changed in early 2020, when it was doubled from £4,500 to its current level.

After several years in which personal pension savings had exceeded the amount invested in Isas, the pandemic prompted a change of course among UK savers this year.

The rise in personal savings during the pandemic led to a boom in Isa investments this April, with £1.5bn flowing into the products.

This figure represents the highest level of April inflows in six years, and are almost double that seen in April 2020.

However, research from Sanlam showed that fewer than half of Brits have made use of their annual tax-free Isa allowance

Of those with at least £50,000 in investible assets, just 48 per cent had used their full allowance.

sally.hickey@ft.com