New Tax Year Allowances: ISA, Junior ISA & SIPP

It is not possible to overpay into your ii ISA, as we limit your total contributions to £20,000 per tax year. You can check your remaining ISA allowance by logging into your account. Simply scroll down the overview page to view your used and remaining current ISA Allowance. 

You could accidentally exceed the limit by contributing more than £20,000 across ISAs with other providers. If this happens, HMRC should be in touch with you after the end of the tax year to advise on next steps.

Yes, you can inherit your spouse or civil partner’s ISA allowance if they die. You can increase your own allowance by the value of their ISA when they died or by the value of their ISA when the account is closed – whichever is highest.

For example, if they died with an ISA worth £25,000, your ISA allowance for the year would be increased to £45,000. 

When you die, your spouse or civil partner inherits a one-off increase in their ISA allowance. Their allowance increase is equal to the value of your ISA when you die or the value when the account is closed. This is known as Additional Permitted Subscription (APS). 

You don’t have to leave your ISA to your spouse or civil partner in your will. However, your spouse or civil partner will inherit Additional Permitted Subscription even if you do leave your ISA for someone else.

No, our Stocks and Shares ISA is not a flexible ISA. 

A flexible ISA allows you to withdraw money and then replace it without using additional ISA allowance. 

If you take money out of your ii ISA, you would use your remaining ISA allowance if you choose to replace the money you have withdrawn. You can still top up your ISA, but only up to your annual ISA allowance. 

The easiest way to pay money into your ISA is by debit card or by monthly direct debit. 

To add money by debit card: 

• Select Cash & Transfers > Add Cash from your account menu. 
• If you have not already done so, you will need to register a UK debit card. Click on add card and enter your debit card details. 
• Then choose how much money to deposit and which of your accounts to add it to. Click Add cash to confirm. 

To add money by monthly Direct Debit: 

• Select Cash & Transfers > Direct Debit from your account menu. 
• You will need the sort code and account number of the account you are paying the Direct Debit from.
• Then choose the value of your monthly payment and the start date.
• Select Submit to confirm the Direct Debit details and submit your account holder’s declaration.

To add money using the mobile app:

• If you download our mobile app, you can fund your account easily by clicking add cash and following the instructions.

You can contribute to an ISA if you are the account holder, their spouse, civil partner or immediate family member. Remember the maximum you can contribute to your ISAs in a single tax year is currently £20,000.

A Junior ISA must be opened and managed by a parent or guardian. Once open, anybody can contribute to it up to the maximum annual allowance of £9,000 (2023/24).

You can set up regular investing using your SIPP account. 

Regular investing allows you to buy investments monthly with no trading fees. You can invest as little as £25 per month and change or stop your investments at any time. 

You can pay for your regular investments by setting up Direct Debit payments to your SIPP or by using the available cash in your account. 

You can still contribute up to £3,600 a year to your pension if you are not earning. You can pay in up to £2,880 and receive a maximum of £720 tax relief. 

Yes, you can contribute more than your annual allowance, if you qualify for "carry forward".

You can still contribute up to £10,000 per tax year to your SIPP if you have taken a taxable income from your pension. 

If you have only taken your tax-free lump sum or a small pots lump sum, you are still able to pay in up to 100% of your earnings into your SIPP and receive tax relief up to that level (up to the current maximum annual allowance of £60,000). 

There is no minimum contribution amount for your SIPP.

The most you can add to a SIPP in each tax year is £60,000. You may be able to add more than £60,000 in a tax year if you qualify for ‘carry forward’. 

You can continue to receive tax relief on your SIPP contributions until you reach the age of 75. After that, you can still contribute but will no longer receive the benefits of tax relief.

If you do not start withdrawing a taxable income, you can continue to contribute up to £60,000 a year to your SIPP until you turn 75.

After you have taken taxable income, your annual allowance for contributions is £10,000 (restricted to a maximum of 100% of your annual earnings, or £3,600 if you do not have any earnings in the tax year (£2,880 in personal contributions and £720 tax relief). 

Anyone else can contribute to your pension if they wish to. 

Contributions from someone other than your employer are treated as if you made the contribution yourself and must be supported by your earnings. This means that you will receive the tax relief at your own rate. These contributions will also count towards your annual allowance. 

To arrange for some else to contribute to your SIPP you will need to complete an ii SIPP contribution form.