Money expert Martin Lewis has issued an urgent alert for savers holding over £10,000, reminding them to fully utilise their Individual Savings Account (ISA) allowance before the upcoming tax year deadline on April 5.
Each tax year, UK adults aged 18 and over can invest up to £20,000 into ISAs without paying tax on the interest or gains. This allowance resets on April 6, marking the start of the new tax year 2026/27. Martin Lewis emphasizes the importance of using this allowance now, warning that any unused funds cannot be carried over and will be lost.
“Use it or lose it,” Lewis advised, highlighting that many savers risk missing out on tax-free growth by not maximising their ISA contributions during this final window. He also cautioned that some providers may close their accounts early ahead of the deadline, so acting promptly is essential.
READ MORE: ‘I work for the DWP - please be kinder to us, we’re human too’
READ MORE: Korean ‘Glass Skin’ Medicube Collagen Cream Now £13.50 in Amazon Sale, Promises Radiant Glow
Additionally, savers should be aware of upcoming changes: from 2027, the ISA allowance will be reduced to £12,000 for individuals under 65. This makes the current year’s full £20,000 allowance even more critical for savers.
Whether you have a cash ISA, a stocks and shares ISA, or a combination of both, Lewis recommends moving money strategically to make the most of these tax advantages before the deadline passes.