ISA basics
What are the ISA rules for the current tax year?
A date-aware guide to allowance, account types and the Shariah questions UK rules do not cover.
The short answer
GOV.UK currently states an overall ISA limit of £20,000 per tax year (6 April to 5 April). ISA rules cover subscriptions, account types, transfers and withdrawals. Check GOV.UK before you act because rules can change.
The rules to understand before you contribute
An ISA is a tax wrapper. GOV.UK lists Cash, Stocks and Shares, Innovative Finance and Lifetime ISAs. The overall annual limit can be split across ISA types under the current rules.
Keep a simple record of your contributions. Statements and confirmation emails help when you use more than one provider or transfer accounts.
Shariah-compliance considerations
UK ISA rules do not decide whether cash, loans, funds or shares are permissible under Shariah. A Cash ISA needs a product-level check to see if it pays interest or uses an Islamic savings structure. A Stocks and Shares ISA needs asset-level screening.
Innovative Finance ISAs must also be checked: being inside the ISA regime does not make peer-to-peer or debt-based products compatible with your religious requirements.
What this means in practice
- 1Check the current GOV.UK page on the day you plan to contribute or transfer.
- 2Record all contributions with date, ISA type and provider.
- 3Check whether a withdrawal-and-replacement feature is available before relying on it.
- 4Assess the cash or investment arrangement itself, not just the tax wrapper.