Samuel Leach, CEO of Samuel and Co Trading, told Express.co.uk: “Each tax year (April 6 to April 5) there is a limited amount of money you can put into ISAs that is tax-free.
“This tax year the ISA allowance is £20,000. So, if you have a lump sum you are looking to save it is best to make the most of the allowance this year before it resets, after which you will have a new £20,000 allowance that you can put towards your ISA (tax-free) in the new tax year.
“As you save year on year within the allowance, the money you accumulate in your ISA from your savings will also be tax free.
“So even though you are limited each tax year, this sum can considerably build up over a period of time and is tax free.