Savers have been urged by Martin Lewis to 'use of lose' ISA allowances before the end of the 2021/22 tax year, The money saving guru says money has to be transferred before April 6 when the new tax year begins.
There are different types of ISAs, including a cash ISA account savings product where you don’t pay tax, up to a limit of £20,000 for the 2021/22 tax year. Whereas, if you have a Lifetime ISA, you can put away £4,000 each year and the government will give you a 25 per cent bonus on top of the cash you save, the Mirror reports.
This LISA means you can get £1,000 free each tax year - or £2,000 free if you’re in a couple and you both have a LISA account that you max out. But time is running out to make the most of your LISA free money, as the current tax year ends on April 5.
