Today sees the start of the 2012/13 tax year.
One of the most popular search queries that lead people to our website each month is to find out the new Individual Savings Account (ISA) allowance for the 2012/13 tax year.
From 6th April 2012, you can contribute a maximum of £11,280 into your ISA.
Up to half of this, so £5,640, can be saved in a cash ISA and then the unused balance up to £11,280 can be invested in an stocks & shares (or equity) ISA.
Some other important figures for the 2012/13 tax year include the income tax personal allowance which is now £8,105. It was £7,475 in the 2011/12 tax year, rising by £630 today.
The personal allowance for people aged 65-74 is £10,500 and it is £10,660 for people aged 75 or over.
Both of these age-related personal allowances are subject to an income limit of £25,400, up from £24,000 in 2011/12.
The age-related allowances reduce by £1 for every £2 of income above the income limit. They can be reduced as low as the personal allowance of £8,105.
The capital gains tax (CGT) annual exempt amount is £10,600, frozen at the same level as 2011/12.
The inheritance tax nil-rate band is also frozen for 2012/13, at £325,000. It will remain at this level in 2013/14 and 2014/15 as well, based on current legislation.
If you have any questions about the start of the new tax year, please do speak to your Financial Planner at Informed Choice or get in touch to find out more about becoming a client.
Photo credit: Flickr/Images_Of_Money
