1. About these statistics
This publication incorporates data on tax exempt Particular person Financial savings Accounts (ISAs) drawn from the information that Monetary Establishments (additionally known as ‘ISA suppliers’ or ‘ISA managers’) are required to report back to HM Income and Customs.
This notice supplies particulars of the information used within the publication and the estimation methodologies.
Along with data on ISAs, this publication additionally shares data on Little one Belief Funds (CTFs) and Assist to Save (HTS) accounts.
2. Latest adjustments
ISA managers provide mixture and particular person knowledge at completely different instances of the 12 months and this ends in tables being up to date for various tax years depending on knowledge availability.
Tables 9.4 and 9.6 have been up to date for the 2021 to 2022 tax 12 months (i.e. ISA financial savings as much as 5 April 2022):
9.4, whole quantities subscribed to an ISA, and variety of ISA accounts receiving subscriptions
9.6, whole market worth of all ISA funds
Tables 9.7 to 9.12 have been up to date for the 2020 to 2021 tax 12 months (i.e. ISA saving as much as 5 April 2021):
9.7, variety of adults subscribing to an ISA by earnings through the 12 months
9.8, variety of adults subscribing to an ISA through the 12 months by age and intercourse
9.9, variety of adults subscribing to an ISA through the 12 months by area
9.10, market worth of grownup ISA funds by earnings stage
9.11, market worth of grownup ISA funds by age and intercourse
9.12, market worth of grownup ISA funds by nation and area
This publication not consists of data on ISAs previous to and together with 2007 to 2008. Earlier publications together with these years might be discovered within the National Archives.
The CTF tables have been up to date for the 2021 to 2022 tax 12 months. New data has been included on the variety of CTFs which have matured and are unclaimed and people which have been withdrawn.
Desk 1, market values of CTFs as at 5 April 2022.
Desk 2, subscriptions to CTFs within the 12 months 2021 to 22.
All HtS tables have been up to date as much as 31 March 2023.
All LISA tables have been up to date as much as 5 April 2023.
This publication shall be launched yearly in June.
3.1 The introduction of ISAs
ISAs have been launched on 6 April 1999, changing the sooner Private Fairness Plans (PEPs) and Tax-Exempt Particular Financial savings Accounts (TESSAs). ISAs are tax exempt money, shares and shares and/or progressive finance accounts underneath which any earnings obtained within the type of curiosity and dividends is freed from tax, and on which there’s exemption from capital positive factors tax on any capital development. The estimated Exchequer price of the tax relief for ISAs in 2020 to 2021 was round £3.5 billion.
Financial savings which are newly invested in an ISA account in a selected tax 12 months are referred to on this publication as ISA ‘subscriptions’, though earnings earned in an ISA account stays tax free whether or not or not additional subscriptions are made. The worth of financial savings accrued in an ISA account (as measured on the finish of the tax 12 months) together with capital development and any curiosity and dividend earnings retained within the account is referred to right here as ISA ‘holdings’.
As a result of the subscription limits are tax 12 months based mostly, ISA statistics are analysed utilizing earnings tax years (operating 6 April to the next 5 April).
3.2 Grownup ISAs
There are 4 principal forms of ISA – money ISA, shares and shares ISA, Progressive Finance ISA and Lifetime ISA. In every tax 12 months people might subscribe to separate money, shares and shares, Progressive Finance and Lifetime ISAs. There isn’t a earnings tax to pay on the earnings obtained from ISA financial savings and investments, neither is there any tax to be paid on capital positive factors arising from ISA investments.
People have the fitting to entry their funding at any time and there aren’t any statutory lock-in durations. Every ISA supervisor should provide the ISA holder the chance to switch their account to a different supervisor – funds invested in a shares and shares ISA can solely be transferred to a different shares and shares ISA; nevertheless, funds invested in a money ISA might be transferred both to a shares and shares ISA or one other money ISA. Investments in accredited life merchandise might be held in both a money ISA or a shares and shares ISA.
There isn’t a life time restrict on the quantity that may be saved in an ISA (aside from the annual subscription restrict) or on the quantity of earnings that may be earned tax free. Lifetime ISAs face completely different subscription limits of £4,000 per 12 months, and face sure withdrawal costs for early entry, besides in sure instances equivalent to retirement or the acquisition of a primary dwelling. Lifetime ISAs can maintain money and/or shares and shares and so kind a part of these breakdowns in desk 9.6.
3.3 Junior ISAs
Junior ISA accounts have been accessible since 1 November 2011 to kids underneath the age of 18 who don’t personal a CTF account (accessible to eligible kids born on or between 1 September 2002 and a couple of January 2011). Not like an Grownup ISA, the financial savings in a Junior ISA account can’t be withdrawn till the kid reaches 18. Solely then can the financial savings both be withdrawn or the steadiness transferred into an Grownup ISA. Grownup money ISAs can be found to kids from the age of 16, and eligible kids can maintain each a Junior money ISA in addition to an Grownup money ISA from that age. Youngsters can open a money, in addition to a shares and shares account.
3.4 Assist to Purchase ISAs
The Assist to Purchase: ISA scheme was launched on 1 December 2015 with accounts accessible by banks, constructing societies and credit score unions. The scheme enabled individuals saving for his or her first dwelling to obtain a 25% bonus to their financial savings from the federal government once they purchased a property of £250,000 or much less (£450,000 in London). This meant that for each £200 saved, first-time patrons might obtain a authorities bonus of £50. The utmost authorities bonus was £3,000.
The scheme was closed to new accounts on 30 November 2019, although Assist to Purchase: ISA account holders can proceed saving into their account till 30 November 2029, when accounts will near further contributions. The Assist to Purchase: ISA authorities bonus should be claimed by 1 December 2030.
Assist to Purchase: ISAs are included inside these statistics underneath money subscriptions and market values, however the data is just not separated out. It is because it isn’t captured within the methodology. Additional data on the methodology of those statistics might be present in Section 4: Data and Methodology.
For official statistics on the Assist to Purchase: ISA scheme particularly, please seek advice from the Help to Buy ISA statistics.
3.5 Lifetime ISAs
The Lifetime ISA was introduced at Price range 2016 and have become accessible in April 2017. People who find themselves underneath the age of 40 can open a Lifetime ISA and save as much as £4,000 per 12 months. The federal government will then prime this quantity up by 25%. Which means for individuals who save the utmost annually, the federal government will prime up the account with £1,000.
Lifetime ISA funds might be put towards a deposit for a house that’s value a most of £450,000 in all areas of the UK, or taken at age 60 for use as retirement earnings.
A decreased withdrawal cost of 20% was quickly launched from 6 March 2021 to five April 2022. In case you’ve been charged the upper charge of 25%, the distinction shall be paid again into your Lifetime ISA. Contact your Lifetime ISA supplier if this doesn’t occur.
Discover extra data on the Lifetime ISAs information page.
3.6 Progressive Finance ISAs
From 6 April 2016, curiosity and positive factors from peer to see loans certified for tax benefits the place these loans are made by a brand new kind of Particular person Financial savings Account, the Progressive Finance ISA.
At Price range 2014, the Chancellor introduced that peer to see loans would change into ISA qualifying investments. HM Treasury consulted on implementation of this measure between 17 October and 12 December 2014. HM Treasury’s response to this session, confirming that peer to see loans could be eligible for a brand new kind of ISA (the Progressive Finance ISA), was revealed at Summer time Price range 2015.
Desk 1: Grownup ISA Subscription Limits
|Tax 12 months beginning 6 April
|Total Subscription Restrict (£)
|Money ISA Restrict (£)
|2008 to 2009
|2009 to 2010
|2010 to 2011
|2011 to 2012
|2012 to 2013
|2013 to 2014
|2014 to 2015
|2015 to 2016
|2016 to 2017
|2017 to 2018
|2018 to 2019
|2019 to 2020
|2020 to 2021
|2021 to 2022
|2022 to 2023
|2023 to 2024
Desk 2: Junior ISA Subscription Limits
|Tax 12 months beginning 6 April
|Total Subscription Restrict(£)
|Money Junior ISA Restrict (£)
|2011 to 2012
|2012 to 2013
|2013 to 2014
|2014 to 2015
|2015 to 2016
|2016 to 2017
|2017 to 2018
|2018 to 2019
|2019 to 2020
|2020 to 2021
|2021 to 2022
|2022 to 2023
|2023 to 2024
3.8 Little one Belief Funds
A CTF is a long-term tax-free financial savings account for youngsters. You can not apply for a brand new CTF as a result of the scheme is now closed. You may apply for a Junior ISA as an alternative.
You may proceed to add up to £9,000 a year to your CTF account. The cash belongs to the kid and so they can solely take it out once they’re 18. They’ll take management of the account once they’re 16.
CTFs started to mature in September 2020, when the eldest kids with CTFs turned 18.
There’s no tax to pay on the CTF earnings or any revenue it makes. It is not going to have an effect on any advantages or tax credit you obtain.
3.9 Assist to Save
Assist to Save is a kind of financial savings account that permits sure individuals entitled to Working Tax Credit score or receiving Common Credit score to obtain a bonus of 50p for each £1 they save over 4 years. Additional data on eligibility might be discovered on the Help to Save Guidance authorities webpage. Assist to Save is backed by the federal government so all financial savings within the scheme are safe.
Underneath the scheme, people are permitted to avoid wasting as much as £50 monthly. The 50% bonus is payable on the finish of the second and fourth years, based mostly on the best steadiness achieved over this era.
October 2018 is the primary month with a full set of nationwide knowledge. Earlier than 12 September 2018, the scheme was in a trial interval, the place account availability was restricted. The scheme was publicly launched on 12 September as such, knowledge for September 2018 solely consists of account data for transactions after 12 September 2018.
Accounts shut mechanically after maturing for a second time. This occurred for the primary time in January 2022 and can proceed as accounts mature.
4. Information and Methodology
The revealed ISA tables draw on data from the next returns that monetary establishments are required to make:
This paper kind supplies the entire quantities subscribed to money and shares & shares ISAs through the monetary 12 months and the variety of ISA accounts which have obtained a subscription.
This paper kind supplies the entire market worth of all money and shares & shares ISA accounts on the finish of the tax 12 months in addition to an funding class cut up of the latter.
The ISA14A combines the ISA25 and ISA14 on a single return.
ISACOMM100 or magnetic media returns
These present HMRC with particulars of some 40 million or so energetic and dormant ISA accounts in paper or digital format specifying the kind of ISA (whether or not money or shares & shares), the entire market worth, and the quantities subscribed through the 12 months.
Info on Junior ISAs is being collected in a similar way to data on Grownup ISAs. These sources don’t present data on financial savings withdrawn from ISAs or on the funding returns being made on ISA investments.
4.2 Little one Belief Funds
CTF annual returns from suppliers have been used as the idea for the statistics. Suppliers are required to make a return of knowledge to HMRC inside 60 days of 5 April of every 12 months (i.e. by 4 June), or inside 60 days of the date of ceasing to qualify, or act, as a supplier.
On the finish of February annually HMRC will ship suppliers a reminder to make their return. The data required is for the interval from the date the supplier started to handle CTFs, or the final reporting date, whichever is the later. Suppliers should report particulars for all CTFs they managed through the return interval, together with CTFs transferred in, and CTFs the place the account holder has died.
The annual CTF return is submitted to HMRC electronically. The return consists of particulars for every CTF account managed through the return interval and present:
the kid’s distinctive reference quantity
if the account is a stakeholder account (Sort 1), a non-stakeholder account (Sort 2), a matured account (Sort 3), or an account the place the cash has been withdrawn (Sort 4)
the combination market worth of the investments held underneath the account at 5 April
the entire money subscribed to the account through the return interval ending on 5 April
4.3 Assist to Save
Info on HTS Accounts is obtained by HMRC from NS&I (Nationwide Financial savings and Investments).
It’s with this knowledge we draw totals to create the variety of HTS accounts opened and closed, the quantity and worth of deposits made into the accounts and the worth of any withdrawals.
It’s also used to incorporate the common worth of a HTS deposit, the proportion of deposits equal to the utmost quantity (£50) and the variety of open accounts with no deposits.
Additional data relating to the Assist to Save scheme might be discovered within the HTS Guidance.
4.4 Lifetime ISA
Lifetime ISAs are reported month-to-month on the Lifetime ISA Software Programming Interface (API).
This knowledge is used to create tables on the quantity of people that’ve withdrawn cash from LISAs for home purchases along with the entire and common worth of home buy withdrawals. It’s also used to create the identical tables for withdrawals that incur a cost.
5. Methodology of making ready tables
5.1 Tables 9.4 and 9.6
Figures for these tables are easy totals from the related paper varieties (ISA25, ISA14 or ISA14a – see Information Sources) with changes made for lacking returns or apparent corrections earlier than the data is revealed.
Lacking returns are chased and imputed or in any other case assumed to develop on the similar charge because the identified returns.
People can maintain multiple ISA account with multiple supervisor. The data in Desk 9.4 pertains to the numbers of accounts subscribed to, and never the numbers of separate people subscribing to accounts (which shall be fewer).
5.2 Tables 9.7 to 9.12
The methodology for producing these distributional tables is extra sophisticated because the ISA returns don’t include any data on ISA holder earnings.
The tables are subsequently producing by matching the person ISA knowledge within the ISACOM 100 dataset with HMRC’s Survey of Private Incomes (SPI). It is a stratified pattern with its personal grossing elements reflecting how every earnings group is represented within the inhabitants. The SPI and the ISA knowledge might be matched utilizing Nationwide Insurance coverage Quantity (NINO).
Nonetheless, the dimensions, complexity and lead instances imply that making ready the ISA and SPI matched knowledge takes place 18 months or extra in arrears of the combination subscriptions (desk 9.4) and market worth (desk 9.6) data being revealed.
As a consequence of non-response and different difficulties in dealing with and matching giant volumes of knowledge, the matched pattern is calibrated for consistency with the totals in tables 9.4 and 9.6. This course of is carried out independently for tables 9.7 to 9.9 (people subscribing to ISAs), and tables 9.10 to 9.12 (all people holding ISAs), treating money and shares & shares holdings, and subscribers and non-subscribers individually. Age, intercourse and area are taken straight from the SPI dataset with out having to be imputed.
CTFs Tables 1 and a couple of
Figures for these tables are computed from the related returns from suppliers, with changes made for lacking returns earlier than the data is revealed. Lacking returns are chased and imputed underneath the belief that they’ve grown on the similar charge because the identified returns. For this publication, just one supplier didn’t submit their return.
People can maintain just one CTF, as such, if returns embody a number of information for one particular person, just one report is retained.
5.4 Lifetime ISAs Tables 1a and 1b
Figures from these tables are taken from the month-to-month digital returns from suppliers. The place there are a number of withdrawals recorded for one account in a given declare interval, the newest report is retained. If a number of information are marked as “most up-to-date” the report with the biggest withdrawal quantity is retained.
6.1 Desk 9.4
Till 2007 to 2008 this data was accessible on a quarterly foundation, it’s now on an annual foundation.
Life insurance coverage element qualifying funding guidelines have been merged with the shares and shares element guidelines from the 6 April 2005 topic to a money like check.
For the tax 12 months beginning 6 April 2014 however previous to 1 July 2014, the shares and shares restrict was £11,880 and the money restrict was £5,940. From 1 July 2014, all ISAs grew to become New ISAs (NISAs). The annual subscription restrict was elevated to £15,000, which might be subscribed in money, shares and shares, or any mixture of the 2. For 2015-16 and 2016-17, the annual restrict was £15,240.
6.2 Desk 9.6
This now additionally consists of particulars of PEPs fund values for consistency with durations past 2008 when PEPs have been absorbed into shares and shares ISAs.
Since 5 August 2013, firm shares that are traded on any market of a recognised inventory change within the European Financial Space (EEA) might be included inside a shares and shares ISA.
6.3 Tables 9.7 to 9.12
The estimates are based mostly on a pattern of people. Info on ISA subscriptions and valuations is reported by managers to HM Income and Customs on an annual foundation, primarily for compliance functions. In addition to offering data on the kind of ISA this provides particulars of the account holder’s date of delivery and NINO. This final merchandise of knowledge allows the information to be linked to non-public incomes (each earnings and funding earnings, as taken primarily from the SPI). It additionally allows the evaluation to be carried out at particular person somewhat than at account stage.
As a consequence of incorrect or lacking returns there’s normally a less than excellent match between the SPI and ISA account holder knowledge. That is overcome through the use of imputation methods, thus making certain consistency between the assorted revealed ISA tables. As of tax 12 months 2017 to 2018, an enchancment to the tactic of merging SPI to ISA account holder knowledge has improved our match charge. Subsequently, it isn’t advisable to match statistics produced from tax 12 months 2017 to 2018 onwards to statistics produced in prior tax years. That is relevant to ISA statistics tables 9.7 to 9.12.
This match with the SPI is scaled up utilizing elements from the stratified pattern, that means some breakdowns equivalent to these by age, intercourse, area or earnings, might fluctuate between years.
From tax 12 months 2017 to 2018, All ISA Subscribers consists of Progressive Finance ISAs, together with money and shares & shares. Progressive Finance ISA knowledge has low reliability resulting from HMRC not but holding full data from suppliers. A separate class has not been created for Progressive Finance ISA holders and subscribers given the small pattern measurement accessible which might yield unreliable outcomes. Whole market values in tables 9.10 to 9.12 might be in comparison with the sum of money and shares and shares ISAs revealed in desk 9.6 for the 2020 to 2021 tax 12 months.
6.4 Consumer Suggestions
HMRC are dedicated to offering neutral high quality statistics that meet our prospects’ wants. Suggestions from customers is welcome at any time, and you’ll contact the accountable statisticians (email@example.com) or alternatively you discover extra data relating to HMRC’s statistics.
Additional data on ISAs might be accessed in The UK Statistics Authority’s (UKSA) review of HMRC savings statistics.
We’d welcome any feedback or suggestions from customers of our ISA statistics in relation to the suggestions made by UKSA, particularly with regard to the timing of the publication of our varied tables.
6.5 Contact particulars
For queries or suggestions on this publication, please e-mail firstname.lastname@example.org
For press queries, please contact:
HMRC Press Workplace, email@example.com