ISAs and NS&I premium bonds

An ISA is a savings or investment account which you do not pay tax on the interest, income or Capital Gains. To open an ISA, you must be above 18 and a UK resident, unless you are a member of the armed forces or a Crown servant. For the 2025-26 tax year the maximum an individual can save into an ISA is £20,000, you are only able to pay £4,000 into a Lifetime ISA in each tax year. You can withdraw money at anytime from an ISA without losing any of the tax benefits, however, it may affect your allowance. If your ISA is flexible, you can take your money out and your allowance will increase by the value you took out, whereas if an ISA is not flexible if you withdraw money your allowance will remain the same as it did prior to the transaction. This does not apply for Lifetime ISAs. If you would like more information on ISAs please do not hesitate to contact Danny Hockin in the tax department.

Premium Bonds

Premium Bonds are a product issued by National Savings and Investments. A minimum investment of £25 is required and an individual can keep buying bonds until they reach a maximum holding of £50,000. For every £1 invested you will receive a bond number which enables you the chance to win a prize. Once a month all bonds are included in a monthly draw where each bond could win a prize. Prize winnings are tax free, and winnings can vary between £25 and £1 million. Unlike other National Savings and Investment bonds these are tax free.

If you would like more information please contact Danny Hockin on 023 8202 7481 or email Danny Hockin.