DOWNLOAD: July 2025 Making the most of ISAs

UPDATED: July 2025
AN INTRODUCTION TO ISAs

Individual Savings Accounts, universally known as ISAs, began as relatively simple savings plans 26 years ago, but since then the rules surrounding them have become ever more complex – and may yet become more so. While there have been calls to make the regime simpler and more accessible, until recently government had shown relatively little interest in ISAs. Then in the Autumn 2023 Statement the previous Chancellor simplified some of the administrative complexities but also removed one investment opportunity. Subsequently, in the March 2024 Budget, the Treasury launched a consultation on a new ‘UK ISA’ which, as its name suggests, would be focused on UK investment. However, in the Autumn Budget 2024 Rachel Reeves, the new Chancellor, announced that she would not pursue the idea and, at the same time, froze ISA subscription limits at their current levels through to 2029/30. Five months later, in her Spring Statement, she suggested she was looking at options to “get the balance right between cash and equities” in ISAs. Her conclusions are expected to appear in the Autumn Budget 2025.

The government’s website says there are currently only four categories of ISA – cash ISAs, stocks and shares ISAs, innovative finance ISAs, and Lifetime ISAs – but variants exist for specific investment needs.

This guide will explain how the main variants work, in order of their original launch date.

Please note that all examples included in this guide are fictitious.

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