ISA Deadline All the information you'll need on the ISA Deadline 2018/2019, as well as your ISA allowance. When is the ISA deadline? The ISA deadline is at midnight on 5th April. Savers have until this time to add to their tax-free savings accounts. If savers miss this deadline, they lose any unused allowance for that tax year. Many savers feel pressured in the run up to the ISA deadline, as they’re keen to make the most of any unused allowance. However, if you don’t think you’re going to use all of your allowance before the ISA deadline, you don’t need to worry. This doesn’t affect how much allowance you’re entitled to moving forward, it just means you haven’t taken advantage of all of your allowance for that particular tax year. How does the ISA deadline work? UK residents get an ISA allowance for each tax year. This dictates exactly how much you can save in a tax-free cash or investment ISA. At the end of each tax year, the ISA allowance is reset. This is why the end of each tax year is known as the ISA deadline. In the UK, the tax year runs from 6th April to midnight on 5th April. What is my ISA allowance? Every UK resident over the age of 16 has the same Cash ISA allowance. The allowance for the tax year 2018/2019 is £20,000. The only exception to this is young adults who are aged 16 and 17, who have an additional Junior ISA limit of £4,260. You can save up to £20,000, tax-free, into any combination of permitted ISAs. For example, you may choose to spread your savings across a Cash ISA or stocks and shares. Any interest you earn on your savings doesn’t count towards your personal savings allowance. What is ISA flexibility? Before April 2016, any money withdrawn from your ISA still counted towards your allowance, even if it was replaced. For example, if you were to deposit £15,000 into your ISA and then withdraw £4,000, the amount you could deposit into your account during that same tax year was only £5,000. This is because the £4,000, even though it’s been withdrawn, has swallowed up some of your tax-free allowance. Fortunately, ISA flexibility introduced a little wiggle room. Now you can withdraw and replace money into your ISA without it counting towards your annual allowance. However, you should always consult your ISA provider to check that they offer flexibility, and whether they charge a fee for early withdrawals. This is often the case for Fixed Rate ISAs. For more information on Cash ISAs, including whether you can make withdrawals, refer to our comprehensive guide to Cash ISAs. Alternatively, if you’re still unsure about the ISA deadline, don’t hesitate to get in touch with a member of our Savings team today on 0345 734 4345, or pop into your nearest Newcastle Building Society branch.