Individual Savings Account (ISA) Statistics

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1 Coverage: United Kingdom Theme: The Economy Latest Release: April 2015 Tables 9.7 to 9.12 August 2014 Table 9.4 and Table 9.6 Next Release: August 2015 Table 9.4 and Table 9.6 Reporting Periods: Personal Tax Years Individual Savings Account (ISA) Statistics Media contact: HMRC Press Office (Individuals) Out of hours: HMRC ISA Savings Helpline: here Statistical contacts: Mark Spivack Tel: Catherine Osborne Tel: Parliament Street London SW1A 2BQ Website: https://www.gov.uk/government/co llections/individual savings accountsisa statistics

2 A National Statistics Publication Individual Savings Account (ISA) Statistics, April 2015 National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. For general enquiries about National Statistics contact the National Statistics Public Enquiry Service. Telephone: Overseas: +44 (1633) Minicom: Fax: Letters: Customer Contact Centre, Room 1.015, Cardiff Road, Newport, NP10 8XG You can also find National Statistics on the internet at 2

3 Contents Individual Savings Account (ISA) Statistics, April 2015 Page Introduction - About these statistics 4 - New or updated statistics in this release 4 - User Feedback 5 - Developments 5 Section 1: Key features of ISAs - The introduction of ISAs 6 - Adult ISAs 6 - Junior ISAs 7 - ISA limits 7 Section 2: Commentary and analysis 9 Section 3: Detailed tables 18 Section 4: Data, methodology and publication timeline - Data sources 28 - Method of preparing tables 28 3

4 Introduction Individual Savings Account (ISA) Statistics, April 2015 About these statistics This publication contains information on tax exempt Individual Savings Accounts (ISAs) drawn from the data that Financial Institutions (also referred to as ISA providers or ISA managers ) are required to report to. It is divided into four sections: Section 1 sets out the key features of ISAs; Section 2 provides commentary and analysis of the key trends in the ISA market and the characteristics of ISA investors based on the statistics contained in this release; Section 3 contains detailed statistical tables; and Section 4 contains details of the data used in this publication and the estimation methodologies. New or updated statistics in this release This release updates six tables for the tax year (i.e. ISA saving up to 5 th April 2013); 9.7, Number of individuals subscribing to ISAs by income and amount of subscription 9.8, Number of individuals subscribing to ISAs by age and gender 9.9, Number of individuals subscribing to ISAs by country and region 9.10, Number of individuals holding ISAs by income and market value 9.11, Number of individuals holding ISAs by age, gender and market value 9.12, Number of individuals holding ISAs by country, region and market value, and as a percentage of the UK adult population ISA managers supply information at different times of the year and this results in tables being updated at different intervals dependent on data availability. Table 9.4 and 9.6 are produced following the end of the tax year and published in late summer; Tables are produced in the April two years after the end of the tax year. This is because they are dependant on income information that is not immediately available. A more precise timeline is given at the end of this document (link here). Release dates will be announced on the UK Statistics Hub and the HMRC National Statistics release schedule. Any delays to the publication date will be announced on the HMRC National Statistics website. 4

5 User Feedback HMRC are committed to providing impartial quality statistics that meet our customers needs. Feedback from users is welcome at any time, and you can contact the responsible statisticians (see page 1) or use the feedback form on the HMRC website at https://www.gov.uk/government/organisations/hmrevenue-customs/about/statistics#contact-us. In addition, users can register their interest in ISA statistics so that we can keep them informed about developments at the following website. https://www.surveymonkey.com/s/cxqpp2s Developments The UK Statistics Authority s recent review of HMRC savings statistics, including information published on ISAs, can be found by following the attached link: hm-revenue-and-customs-statistics.pdf We would welcome any comments or feedback from users of our ISA statistics in relation to the recommendations made by UKSA, in particular with regard to the timing of the publication of our various tables. 5

6 Section 1 - Key features of ISAs Individual Savings Account (ISA) Statistics, April 2015 The introduction of ISAs Individual savings accounts (ISAs) were introduced on 6 April 1999, replacing the earlier Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs). ISAs are tax exempt cash and/or stocks and shares accounts under which any income received in the form of interest and dividends is free of tax, and on which there is exemption from capital gains tax on any capital growth. The estimated Exchequer cost of the tax relief for ISAs in was 2.6 billion 1. Savings that are newly invested in an ISA account in a particular tax year are referred to in this publication as ISA subscriptions, although income earned in an ISA account remains tax free whether or not further subscriptions are made. The value of savings accumulated in an ISA account (as measured at the end of the tax year) including capital growth and any interest and dividend income retained in the account is referred to here as ISA holdings. Because the subscription limits are tax year based, ISA statistics are analysed using income tax years (running 6 th April to the following 5 th April). Adult ISAs ISAs initially comprised three types of account: cash, stocks and shares, and life insurance. Insurance ISAs enabled savers to invest with insurance companies in funds offering potential for higher returns than cash ISAs at lower risk than stocks and shares ISAs. However there was a relatively low uptake for these accounts and the separate life insurance ISA was abolished in April Between 1999 and 2008 there was a distinction between mini and maxi ISAs. The maxi ISA was aimed at individuals who wanted mainly to invest in stocks and shares, and were subject to an annual subscription limit of 7,000. However, individuals were allowed to combine cash with stocks and shares, as long as the entire package was offered by the same ISA manager. There was a 3,000 limit on the cash element. In practice many maxi ISA managers did not offer a cash option so maxi ISAs tended to be heavily weighted towards stocks and shares. The mini ISA was principally targeted at savers who wanted to hold some of their money in an account which paid interest (mini cash ISAs), although individuals were allowed to hold a mini cash ISA, a mini stocks and shares ISA, and between and a mini insurance ISA. Following a comprehensive review, changes to ISAs were announced in July From April 2008 the mini/maxi distinction was abolished in favour of a simple cash and stocks and shares distinction with an overall limit on the amount that could be invested in any one tax year, and rules concerning the maximum that could be invested in cash. Since the review the main features of ISAs are as follows: There are two types of ISA - cash ISA, and stocks and shares ISA; In each tax year individuals may subscribe to separate cash and stocks and shares ISAs; There is no income tax to pay on the income received from ISA savings and investments, nor is there any tax to be paid on capital gains arising from ISA investments; Individuals have the right to access their investment at any time and there are no statutory lockin periods; Each ISA manager must offer the investor the opportunity to transfer their account to another manager. Funds invested in a stocks and shares ISA can only be transferred to another stocks 1 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/302317/ _expenditure_rel iefs_v0.4published.pdf 6

7 and shares ISA; however funds invested in a cash ISA can be transferred either to a stocks and shares ISA or another cash ISA; Investments in approved life products can be held in either a cash ISA or a stocks and shares ISA; and There is no life time limit on the amount that can be saved in an ISA (other than the annual subscription limit) or on the amount of income that can be earned tax free. Junior ISAs Junior ISA accounts have been available since 1 November 2011 to children under the age of 18 who do not own a Child Trust Fund account (available to eligible children born on or between 1 September 2002 and 2 January 2011). Unlike an Adult ISA the savings in a Junior ISA account cannot be withdrawn until the child reaches 18. Only then can the savings either be withdrawn or the balance transferred into an Adult ISA. Adult cash ISAs are available to children from the age of 16, and eligible children can hold both a cash Junior ISA and well as an Adult cash ISA from that age. Children can open a cash as well as a stocks and shares account. ISA limits ISA limits remained unchanged between and , and with the exception of the jump in have since increased annually in line with inflation until significant changes announced in Budget For the tax year starting 6 th April 2014 but prior to 1 st July 2014 the limit on the amount that could be subscribed into a combination of an Adult stocks & shares ISA and/or cash ISA was set at 11,880, providing that the amount subscribed into a cash ISA did not exceed 5,940. From 1 st July 2014 all ISAs became New ISAs (NISAs). The NISA offers flexibility to save the NISA annual allowance of 15,000 in cash, stocks and shares or any combination of the two. Under the NISA rules savers can transfer previous years ISA savings freely between stocks and shares and cash if they wish. Therefore from 1 st July 2014, savers have been able to split the amount they subscribe into an ISA between a Cash ISA and a Stocks and Shares ISA as they choose - up to the new overall annual ISA limit. This limit has been increased to 15,240 for the tax year, from 15,000 in The statistics presented in this note refer to ISA savings up to and including 5 th April 2014 so refer to ISA saving (as it was known then) rather than NISA saving. The limit for savings in a child Junior ISA is 4,080. This limit can be divided in any fashion between cash and stocks & shares. The annual subscription limits for Adult ISAs are shown in Table 1 below and those for Junior ISAs in Table 2. Table 1 Adult ISA Subscription Limits Tax year starting 6th April Overall Subscription Limit Cash ISA Limit ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,200 3,600 7

8 a Applicable to those aged under 50. Individual Savings Account (ISA) Statistics, April ,200 a / 10,200 b 3,600 a / 5,100 b ,200 5, ,680 5, ,280 5, ,520 5, ,880 c / 15,000 d 5,940 c / 15,000 d ,240 15,240 b Applicable to those aged 50 and over from 6 th October c Limits until 30 th June 2014 d The cash and overall subscription limits were raised to 15,000 from 1 st July 2014 with the introduction of the New ISA (NISA). Table 2 Junior ISA Subscription Limits e Applicable from 1 November 2011 Tax year starting 6th April Overall Subscription Limit Cash Junior ISA Limit e 3,600 3, ,600 3, ,720 3, ,840 f / 4,000 g 3,840 f / 4,000 g ,080 4,080 f Limits until 30 th June 2014 g These limits were raised to 4,000 from 1 st July

9 Section 2 Commentary and analysis Individual Savings Account (ISA) Statistics, April 2015 This section provides commentary and analysis on the key features of the Adult ISA statistics contained in this release. The analysis is organised according to the published table numbers shown in Section 4. Number of ISAs subscribed to (Table 9.4) Chart 1 below shows that around 13.5 million Adult ISA accounts were subscribed to in , down from 14.6 million subscribed to in The number of cash ISAs subscribed to fell by 1.2 million while the number subscribing to stocks and shares ISAs increased to 3.0 million. Strong equity performance in 2013 is likely to have encouraged some savers to choose stocks and shares over cash. Nonetheless, over three quarters of subscriptions were to cash ISAs (78 per cent). In addition, around 432 thousand Junior ISA accounts were subscribed to in the second full financial year ( ) since the scheme was launched, up from 296 thousand in Chart 1 Number of accounts subscribed to during the year Millions of Subscriptions Stocks & Shares Cash Amounts subscribed (Table 9.4) Chart 2 shows that around 57 billion was subscribed to Adult ISAs in , unchanged from (despite fewer accounts being subscribed to). 578 million was subscribed to Junior ISA accounts in , around three quarters of which was in cash. 9

10 70 Chart 2 Amounts subscribed during the year billions Stocks & Shares Cash Average Subscriptions (Table 9.4) Average subscriptions in were 4,250, over 8 per cent higher than in Average subscriptions per account have been growing since 2003, with larger increases following the rise in the subscription limits from ,500 Chart 3 Average subscriptions 4,000 3,500 3,000 2,500 2,000 1,500 1, Market value of ISA funds (Table 9.6) At the end of the market value of Adult ISA holdings stood at 470 billion, up 6 per cent from the value at the end of These holdings are currently split almost equally between cash ISAs 10

11 and stocks & shares ISAs. There has been volatility in market values of stocks and shares ISAs which vary with the performance of the stock market as can be seen by the dip in value at the end of Chart 4 ISA fund market values Stocks & Shares billions Cash

12 ISA holders by income (Tables 9.7 & 9.10) Individual Savings Account (ISA) Statistics, April 2015 Chart 5 shows details of the 22.7 million Adult ISA holders analysed by income band for the year The median ISA holder (by income) has annual income of between 10,000 and 19,999, with average ISA savings of around 18,173. At higher earnings levels the number of ISA holders declines (due to a lower amount of people in such income bands), but is accompanied by a large increase in average ISA savings values. For ISA savers with incomes of 150,000 or more, values averaged 61,393. Chart 5 Numbers of ISA holders and average ISA savings value by income band in , ,000 Millions of holders ,000 50,000 40,000 30,000 20,000 Average value 1 10, ,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more 0 Income range Number of ISA holders (left axis) Average value of ISA holdings (right axis) Chart 6 illustrates the income distribution of people holding only cash or only stocks & shares ISAs in Higher income groups show a stronger preference for stocks and shares over cash ISAs, whilst the opposite is true for lower income groups. Chart 6 Distribution of ISA holders by income band in % Proportion of ISA holders 30% 25% 20% 15% 10% 5% Stocks and Shares Only Cash Only 0% 0 4,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more Income range Chart 7 shows that the amount subscribed to an ISA increases with the income of the individual subscriber. Although taken as a whole only 8% of subscribers saved at the maximum in , this 12

13 rises to 29% of those with income of 100, ,999, and to 47% of those with income of 150,000 or more. The highest proportion of savers - around 31% - saved only between 1 and 1,999. The chart suggests that some individuals may have contributed more to their ISAs than their annual earnings allow. This may be possible where individuals have existing taxable savings that they are transferring into ISA accounts. Alternatively, in households with more than one adult, earnings from one high income individual may enable other adults in the household to open an ISA account, in order to maximise the tax-free return on their savings. Chart 7 ISA subscriptions by income band and size of subscription in % Proportion of ISA subscribers 80% 60% 40% 20% 11,280 maximum 10,000 11,279 8,000 9,999 6,000 7,999 4,000 5,999 2,000 3, ,999 0% 0 4,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more All ranges Income range In , 38% of individuals subscribing to only a cash ISA did so at the full 5,640 limit for the year. Chart 8 illustrates how the proportion subscribing up to the maximum increases with income, rising from around 25% in the lowest income group to 79% in the highest. This suggests that higher earning ISA investors may have wished to subscribe even more to their cash account but were constrained by the annual subscription limit. Chart 8 Cash ISA subscriptions by income band and size of subscription in % 80% 60% 40% 20% 0% 0 4,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more All ranges Proportion of ISA subscribers 5,640 maximum 5,000 5,639 4,000 4,999 3,000 3,999 2,000 2,999 1,000 1, Income range 13

14 Chart 9 illustrates relative savings contributions to stocks & shares ISAs by range of savers' income, by those contributing to a stocks & shares ISA only. In , 41% of individuals across all income groups contributed the maximum 11,280 limit to a stocks & shares ISA. For savers with income between 100,000 and 149,999, however, this proportion was 52%, and 68% for those with income of 150,000 or more. 100% Chart 9 Stocks and Shares ISA subscriptions by income band and size of subscription in Proportion of ISA subscribers 80% 60% 40% 20% 0% 0 4,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more All ranges 11,280 maximum 10,000 11,279 8,000 9,999 6,000 7,999 4,000 5,999 2,000 3, ,999 Income range ISA holders by age and gender (Tables 9.8 & 9.11) Chart 10 illustrates the distribution of Adult ISA holdings across different age groups. There is the lowest number in the youngest category (under 25), but approximately 78% of this group are active savers. The data suggests lower use of ISAs by younger individuals than in previous years. The greatest number of savers is in the 65 and over group, and this group also had the highest average ISA savings value of 34,705. A large portion of this group, however, were not active savers in Chart 10 Age distribution and average savings of ISA holders in Millions of ISA holders ,000 30,000 25,000 20,000 15,000 10,000 5,000 Average savings value Non subscriber in Subscriber in Average ISA market value 0 Under and over Age range 0 The size of ISA holdings rises with income. Chart 11 shows the proportion of ISA holders with different levels of ISA savings across income bands. Amongst ISA savers with income of 150,000 or more, 53% have ISA savings of 30,000 or greater, compared to just 9% of savers on income below 5,

15 For ISA savers with incomes of 150,000 or more the average ISA saving at the end of was 61,393. Chart 11 ISA holdings by income band and average ISA savings value in % 25,000 30,000 or more Proportion of ISA holders 80% 60% 40% 20% 20,000 15,000 10,000 5,000 Average savings value 20,000 29,999 15,000 19,999 12,000 14,999 9,000 11,999 6,000 8,999 3,000 5, ,999 0% 0 4,999 5,000 9,999 10,000 19,999 20,000 29,999 30,000 49,999 50,000 99, , , ,000 or more All ranges 0 Average ISA market value Income range The size of ISA holdings also increases with age. Chart 12 shows that the proportion of ISA holders with ISAs valued at 30,000 or more is highest amongst those aged 65 or more, whilst the proportion of ISA holders with ISAs valued at between 1 and 2,999 is highest amongst the under 25s. The average amount of ISA savings in the under 25 age group at the end of was 3,247, compared with 34,705 in the 65 and over group. The data suggests that fewer younger individuals are holding ISAs compared to previous years. Chart 12 ISA holdings by age range and average ISA savings value in % 50,000 30,000 or more Proportion of ISA holders 80% 60% 40% 20% 40,000 30,000 20,000 10,000 20,000 29,999 15,000 19,999 12,000 14,999 9,000 11,999 6,000 8,999 3,000 5,999 0% Under andall ages over Age range 0 1 2,999 Average ISA market value The gender split of numbers of ISA holders is relatively equal. Chart 13 shows that in , males accounted for a progressively higher proportion of the higher value ISA holders. Males accounted for 51% of ISA holdings worth 30,000 or more, in contrast to owning 48% of holdings worth up to 2,

16 Chart 13 ISA savings by gender in % Gender balance 50% Female Male 0% 1 2,999 3,000 5,999 6,000 8,999 9,000 11,999 12,000 14,999 15,000 19,999 20,000 29,999 30,000 or more All market values ISA market values Geographical location of ISA holders (Table 9.9 & 9.12) Chart 14 illustrates that amongst English regions, the proportion of adults holding ISAs is highest in the South West at 52% and lowest in London at 39%. In general, regions with lower proportions of ISA savers have lower average levels of ISA savings. 60% Chart 14 Proportions of population with ISAs and average holding by English region ,000 Percentage 50% 40% 30% 20% 10% 0% North East North West and Merseyside Yorkshire and the Humber East Midlands West Midlands East of England Region London South East South West All English regions 25,000 20,000 15,000 10,000 5,000 0 Average savings value Proportion of adult population Average ISA market value Chart 15 shows that at the end of , 46% of adults in England had an ISA. Similar proportions of adults had ISAs in Wales (45%) and Scotland (42%), although only 32% of adults in Northern Ireland had ISAs. ISAs held by individuals in England were on average of higher value than those in the rest of the United Kingdom. 16

17 Chart 15 Proportions of population with ISAs and average holding by UK region in % 25,000 Percentage 40% 30% 20% 10% 0% England Wales Scotland Northern Ireland United Kingdom (and overseas) 20,000 15,000 10,000 5,000 0 Average savings value Proportion of adult population Average ISA market value Region 17

18 Section 3 Tables Individual Savings Account (ISA) Statistics, April 2015 Table list This section reproduces the various ISA tables (with links below to the published pdf versions; but there are xls spreadsheet versions as well available from:- https://www.gov.uk/government/collections/individual-savings-accounts-isa-statistics) Table 9.4 This table shows total amounts subscribed to Adult and Junior cash and stocks and shares ISAs during the latest financial year, and the number of ISA accounts receiving subscriptions during the year: updated August 2014 to Between and ISA subscriptions were collected and published on a quarterly basis. Table 9.6 This table shows the total market value of all Adult cash and stocks and shares ISA accounts at the end of the financial year, net of any withdrawals and regardless of whether or not they received a subscription during the year; updated August 2014 to Table 9.7 This table shows the number of adults subscribing to an ISA by income during the year: updated April 2015 to Table 9.8 This table shows the number of adults subscribing to an ISA during the year by age and gender: updated April 2015 to Table 9.9 This table shows the number of adults subscribing to an ISA during the year by region: updated April 2015 to Table 9.10 This table shows the market value of adult ISA funds by income level of investor: updated April 2015 to Table 9.11 This table shows the market value of adult ISA funds by age and gender of investor; updated April 2015 to Table 9.12 Market value of adult ISA funds by country and region: updated April 2015 to Tables for amount subscribed to TESSAs and PEPS are available at TESSAs - Link here to National Archives Matured TESSAs - PEPS - Link here to National Archives 18

19 9.4 Individual savings accounts Number of ISAs, amounts subscribed to each component and average subscription per account Annual subscriptions as reported to HMRC by providers for financial years ending 5th April. Adult ISAs Numbers: thousands; Amounts: million Average subscription Number of accounts subscribed in current year (thousands) Amounts subscribed ( million) per account ( ) Mini ISAs Mini ISAs Stocks and Maxi Stocks and Stocks and Maxi Cash Shares Insurance ISAs Total Cash Shares Insurance Total Cash Shares Insurance ISAs ,591 1, ,293 9,278 12,306 16, ,431 2,520 1, , ,018 1, ,402 11,259 14,477 15, ,778 2,300 1, , ,594 1, ,477 11,964 17,058 11, ,549 2,220 1, , ,556 1, ,971 12,487 18,558 9, ,962 2,150 1, , ,789 1, ,643 12,055 19,361 8, ,668 2,190 1, , ,242 1, ,474 12,207 20,575 7, ,237 2,220 1, ,150 Mini ISAs Mini ISAs Mini ISAs Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Maxi Insurance Stocks and Insurance Stocks and Insurance Maxi Cash Shares ISAs Total Component Cash Shares Total Component Cash Shares Component ISAs ,939 1,523 1,543 13, ,935 9,170 31, ,200 1, , ,387 1,564 1,617 13, ,677 10,363 33, ,180 1, , ,468 1,662 1,584 14, ,261 10,440 35, ,200 1, ,810 Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Insurance Stocks and Insurance Stocks and Insurance Cash Shares Total Component Cash Shares Total Component Cash Shares Total Component ,234 2,960 15, ,383 9,711 40, ,483 3,281 2, ,426 3,011 14, ,437 12,542 43, ,751 4,165 3, ,859 3,387 15, ,197 15,515 53, ,221 4,581 3,523 1, ,187 2,863 14, ,222 15,546 52, ,327 5,431 3,756 1, ,682 2,924 14, ,901 16,459 57, ,501 5,629 3,927 1, ,481 2,992 13, ,821 18,439 57, ,704 6,163 4,250 2,034 19

20 9.4 Continued: Individual Savings Account (ISA) Statistics, April 2015 Junior ISAs (introduced from 1 November 2011) Average subscription Number of accounts subscribed in current year (thousands) Amounts subscribed ( million) per account ( ) Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Insurance Stocks and Insurance Stocks and Insurance Cash Shares Total Component Cash Shares Total Component Cash Shares Total Component n/a n/a 71 ~ n/a n/a 115 ~ n/a n/a 1,623 ~ ,442 1,075 1, ,391 1,208 1, Table Published August 2014 Footnotes 'n/a' Cash and stocks & shares Junior ISA subscriptions cannot be shown separately because of statistical disclosure rules. This suppression is in accordance with National Statistics policy of preserving confidentiality in published statistical information. ~ These figures are too small to report given the units in which data is presented in this table. Notes on the table 1. The above table shows the number of ISAs to which subscriptions have been made and amounts invested split by type of component. The information in the tables comes from the annual returns that must be made to the HM Revenue & Customs by ISA managers. 2. Until this information was available on a quarterly basis. 3. Life insurance component qualifying investment rules were merged with the stocks and shares component rules from the 6th April 2005 subject to a cash like test. 4. Prior to April 2008 there was a separation between mini and maxi ISAs. Mini ISAs had separate discrete limits on the amounts that could be saved in each class of ISA. A Maxi ISA also imposed limits on the amounts that could be saved in cash but allowed any unused allowance up to the maximum overall limit to be saved in stocks and shares. From April 2008 this mini/maxi separation was abolished in favour of a simple distinction between cash and stocks and shares ISAs (again with any unused cash allowance increasing the amount that could be saved in a stocks and shares ISA up to the overall limit). 5. Prior to April 2008 the overall ISA limit was 7,000 with the cash limit being set at 3,000. From April 2008 these limits were raised to 7,200 and 3,600 respectively. And from October 2009, for those aged 50 or over, the overall subscription limit was increase to 10,200, of which 5,100 could be invested in a cash ISA. These higher limits applied to all age groups in Stocks & shares and cash subscription limits of 10,680 and 5,340 respectively applied in Stocks & shares and cash subscription limits of 11,280 and 5,640 respectively applied in Stocks & shares and cash subscription limits of 11,520 and 5,760 respectively applied in

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