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ISA deadline – When is the last date for ISA 2022/23?

The ISA deadline date for the current 2022/23 year is midnight on the 5th of April 2023. Ignore it at your peril. If you do, you could miss out on the opportunity to maximise your annual ISA allowance.

What is the ISA deadline for 2022/23 tax year?The ISA deadline is April 5th 2023.
What is the maximum amount I can contribute to an ISA each tax year?£20,000
Can I open multiple ISAs for the 2022/23 tax year?Definitely
What date does the new ISA tax year start?The new tax year starts on April 6th

How does the ISA deadline work?

The ISA deadline is aligned with the tax year. In other words, like the 2022/2023 tax year, the opening date for making contributions was the 6th of April 2022, and the deadline by which you can make any final contributions is the 5th of April 2023.

Once the ISA allowance deadline for the year has passed, that’s it – there is no carry forward, so make sure it doesn’t pass you by unnoticed.

There are five different types of ISAs. They are:

Whether the discussion is about the Cash ISA deadline, the Lifetime ISA deadline, the Stocks and Shares ISA deadline, or the cut-off of any other type, the ISA deadline dates are all the same.

ISA tax year dates are renewed annually

The good thing about ISA cut-off dates is that they are renewed every year in accordance with the tax year dates; so unless that changes, which is unlikely to happen anytime soon, the new tax and ISA year starts on the 6th of April and finishes on the 5th of April, the following year.

What is my ISA allowance?

You now know the ISA allowance deadline date and that if you miss it, it cannot be carried forward. But what is the annual ISA allowance? – The answer is £20,000.

The £20,000 limit doesn’t relate to all types of ISA – only three. The two it doesn’t relate to are the Junior ISA (JISA) and the Lifetime ISA (LISA). The ISA limit for the JISA is £9,000 per annum, while for the LISA, it’s £4,000 per annum.

If you had £20,000 to invest in one year, you could maximise your contributions to the Junior and Lifetime ISAs, which would take care of £13,000 of the £20,000, and the balance of £7,000 could be invested in any one of the other three types or be split between them.

Will my ISA allowance be automatically renewed next tax year?

If you are aiming to maximise your annual ISA allowance every year, the ISA deadline date is critical. You can only ever invest £20,000 in any one tax year. Even if you’ve got several types of ISAs, the figure remains the same. It’s not £20,000 per ISA per year, but £20,000 spread across all types, as discussed above.

If you miss the last date for ISA contributions, you’ve lost the chance to maximise the use of your ISA allowance.

If you want to read more about the ISA allowance, check out our ISA allowance article on the Moneyfarm website.

What happens if I have reached the ISA limit before the ISA deadline?

If you’ve already reached your ISA allowance before the ISA deadline date and you’ve still got money you want to invest, you’ll need to find another investment vehicle.

What about Cash ISAs?

All individual savings accounts (ISAs) are tax wrappers – they are tax efficient. Firstly, providing you keep within your ISA allowance, any interest you earn is free of capital gains tax. Secondly, when withdrawing money from your ISA, you won’t have to pay income tax. Yes, it’s tax-free.

One of the things that attract people to Cash ISAs is their low-risk factor. All other types of ISAs carry a higher element of risk – some more so than others, and it’s important to understand that investment funds may rise, but they can fall in value too. The Innovative Finance ISA is considered riskier because the borrower might default, and if they do, the account isn’t covered by FSCS protection.

The savings account versus ISA argument

There is not an awful lot of difference between savings accounts and Cash ISAs. However, you do need to choose your savings account with care because some offer very low-interest rates. But if you shop around carefully, you can find savings accounts on a par with Cash ISAs.

The biggest difference in the ISAs vs savings accounts debate revolves around the fact that while stocks and shares ISAs offer considerably higher interest rates than savings accounts, they are riskier. Of course, with inflation running as high as it is, there is a very real danger that money in a savings account will quickly lose value in real terms. That is more unlikely to happen with a stocks and shares ISA, which centres the debate around interest rates versus risk.

The other difference is that there is an ISA deadline date to be aware of, whereas you can put as much money into a savings account as and when you wish.

Is it too late to start an ISA?

Providing you are aware of the risk and are happy with it; it’s never too late to start an ISA. Of course, if you are approaching the last date for ISA contributions, you need to get your skates on, or, as mentioned earlier, you will forfeit the opportunity to maximise your ISA allowance.

What happens if I have to do everything at the last minute?

If you are considering opening a new ISA, you can open one with Moneyfarm today. If you want to transfer your ISA, once you’ve submitted the completed application form, it normally takes between 15 to 30 days to complete the process, the same time as it takes for a combine ISA transfer exercise.

What is the best ISA for you? It depends on several things, including your attitude toward risk, your financial situation, and over what period you are prepared to invest. If you decide to go ahead, try to ensure you do so well before the ISA deadline.


What happens if I miss the ISA deadline for 2022/23??

If you miss the ISA deadline, you will not be able to make monetary contributions to your ISA for that tax year, and you will lose any unused ISA allowance. You will have to wait until the next tax year to make any additional contributions.

Can I withdraw money from my ISA before the ISA deadline?

Yes, you can. There is nothing stopping you from withdrawing money from your ISA at any time, regardless of the deadline. However, if you withdraw money and do not replace it by the end of the tax year, you will lose your tax-free allowance for that amount.

Can I open multiple ISAs before the ISA deadline for 2022/23?

Yes, you can. April 5th, 2023, is the deadline for opening a new ISA account. Please note that you can only open one type of ISA account per tax year, e.g. Cash ISA and one Stocks and Shares ISA per tax year

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*Capital at risk. Tax treatment depends on your individual circumstances and may be subject to change in the future.