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Individual Savings Account (ISA) Statistics - PDF
1 Coverage: United Kingdom Theme: The Economy Latest Release: April 2016 Tables 9.7 to 9.12 Next Release: August 2016 Tables 9.4 to 9.6 Reporting Periods: Personal Tax Years Media contact: HMRC Press Office (Individuals) Individual Savings Account (ISA) Statistics Out-of-hours: HMRC ISA Savings Helpline: here Statistical contacts: Mark Spivack Tel: Reece Waite Tel: Parliament Street London SW1A 2BQ Website: https://www.gov.uk/government/co llections/individual-savings-accountsisa-statistics
2 A National Statistics Publication National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. For general enquiries about National Statistics contact the National Statistics Public Enquiry Service. Telephone: Overseas: +44 (1633) Minicom: Fax: Letters: Customer Contact Centre, Room 1.015, Cardiff Road, Newport, NP10 8XG You can also find National Statistics on the internet at 2
3 Contents Page Introduction - About these statistics 4 - New or updated statistics in this release 4 - User Feedback 5 - Developments 5 Section 1: Key features of ISAs - The introduction of ISAs 6 - Adult ISAs 6 - Junior ISAs 7 - Lifetime ISAs 7 - ISA limits 7 Section 2: Commentary and analysis 9 Section 3: Detailed tables 18 Section 4: Data, methodology and publication timeline - Data sources 28 - Method of preparing tables 28 3
4 Introduction About these statistics This publication contains information on tax exempt Individual Savings Accounts (ISAs) drawn from the data that Financial Institutions (also referred to as ISA providers or ISA managers ) are required to report to. It is divided into four sections: Section 1 sets out the key features of ISAs; Section 2 provides commentary and analysis of the key trends in the ISA market and the characteristics of ISA holders based on the statistics contained in this release; Section 3 contains detailed statistical tables; and Section 4 contains details of the data used in this publication and the estimation methodologies. New or updated statistics in this release This release updates six tables for the tax year (i.e. ISA saving up to 5 th April 2014); 9.7, Number of adults subscribing to an ISA by income during the year 9.8, Number of adults subscribing to an ISA during the year by age and gender 9.9, Number of adults subscribing to an ISA during the year by region 9.10, Market value of adult ISA funds by income level 9.11, Market value of adult ISA funds by age and gender 9.12, Market value of adult ISA funds by country and region ISA managers supply information at different times of the year and this results in tables being updated at different intervals dependent on data availability. Tables 9.4 and 9.6 are produced following the end of the tax year and published in late summer; Tables 9.7 to 9.12 are produced in the April two years after the end of the tax year. This is because they are dependent on income information that is not immediately available. A more precise timeline is given at the end of this document. Release dates will be announced on the UK Statistics Hub and the HMRC National Statistics release schedule. Any delays to the publication date will be announced on the HMRC National Statistics website. 4
5 User Feedback In addition, users can register their interest in ISA statistics so that we can keep them informed about developments at the following website. https://www.surveymonkey.com/s/cxqpp2s Developments The UK Statistics Authority s recent review of HMRC savings statistics, including information published on ISAs, can be found by following the attached link:- HMRC are committed to providing impartial quality statistics that meet our customers needs. Feedback from users is welcome at any time, and you can contact the responsible statisticians (see page 1) or use the feedback form on the HMRC website at https://www.gov.uk/government/organisations/hmrevenue-customs/about/statistics hm-revenue-and-customs-statistics.pdf We would welcome any comments or feedback from users of our ISA statistics in relation to the recommendations made by UKSA, in particular with regard to the timing of the publication of our various tables. 5
6 Section 1 - Key features of ISAs The introduction of ISAs Individual savings accounts (ISAs) were introduced on 6 April 1999, replacing the earlier Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs). ISAs are tax exempt cash and/or stocks and shares accounts under which any income received in the form of interest and dividends is free of tax, and on which there is exemption from capital gains tax on any capital growth. The estimated Exchequer cost of the tax relief for ISAs in was around 2.6 billion 1. Savings that are newly invested in an ISA account in a particular tax year are referred to in this publication as ISA subscriptions, although income earned in an ISA account remains tax free whether or not further subscriptions are made. The value of savings accumulated in an ISA account (as measured at the end of the tax year) including capital growth and any interest and dividend income retained in the account is referred to here as ISA holdings. Because the subscription limits are tax year based, ISA statistics are analysed using income tax years (running 6 th April to the following 5 th April). Adult ISAs ISAs initially comprised three types of account: cash, stocks and shares, and life insurance. Insurance ISAs enabled savers to invest with insurance companies in funds offering potential for higher returns than cash ISAs at lower risk than stocks and shares ISAs. However there was a relatively low uptake for these accounts and the separate life insurance ISA was abolished in April Between 1999 and 2008 there was a distinction between mini and maxi ISAs. The maxi ISA was aimed at individuals who wanted mainly to invest in stocks and shares, and were subject to an annual subscription limit of 7,000. However, individuals were allowed to combine cash with stocks and shares, as long as the entire package was offered by the same ISA manager. There was a 3,000 limit on the cash element. In practice many maxi ISA managers did not offer a cash option so maxi ISAs tended to be heavily weighted towards stocks and shares. The mini ISA was principally targeted at savers who wanted to hold some of their money in an account which paid interest (mini cash ISAs), although individuals were allowed to hold a mini cash ISA, a mini stocks and shares ISA, and between and a mini insurance ISA. Following a comprehensive review, changes to ISAs were announced in July From April 2008 the mini/maxi distinction was abolished in favour of a simple cash and stocks and shares distinction with an overall limit on the amount that could be invested in any one tax year, and rules concerning the maximum that could be invested in cash. Since the review, the main features of ISAs are as follows: There are two types of ISA - cash ISA, and stocks and shares ISA; In each tax year individuals may subscribe to separate cash and stocks and shares ISAs; There is no income tax to pay on the income received from ISA savings and investments, nor is there any tax to be paid on capital gains arising from ISA investments; Individuals have the right to access their investment at any time and there are no statutory lockin periods; Each ISA manager must offer the ISA holder the opportunity to transfer their account to another manager. Funds invested in a stocks and shares ISA can only be transferred to another stocks and shares ISA; however funds invested in a cash ISA can be transferred either to a stocks and shares ISA or another cash ISA; 1 https://www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs 6
7 Investments in approved life products can be held in either a cash ISA or a stocks and shares ISA; and There is no life time limit on the amount that can be saved in an ISA (other than the annual subscription limit) or on the amount of income that can be earned tax free. Junior ISAs Junior ISA accounts have been available since 1 November 2011 to children under the age of 18 who do not own a Child Trust Fund account (available to eligible children born on or between 1 September 2002 and 2 January 2011). Unlike an Adult ISA the savings in a Junior ISA account cannot be withdrawn until the child reaches 18. Only then can the savings either be withdrawn or the balance transferred into an Adult ISA. Adult cash ISAs are available to children from the age of 16, and eligible children can hold both a cash Junior ISA as well as an Adult cash ISA from that age. Children can open a cash as well as a stocks and shares account. Lifetime ISAs The Lifetime ISA was announced at Budget People who are under the age of 40 will be able to open a Lifetime ISA from April 2017 and save up to 4,000 per year. The government will then top this amount up by 25%. This means that for people who save the maximum each year, the government will top up the account with 1,000, paid at the end of the tax year. Lifetime ISA funds can be put toward a deposit for a home that is worth a maximum of 450,000 in all areas of the UK, or taken at age 60 to be used as retirement income. ISA limits ISA limits remained unchanged between the personal tax years of and , and with the exception of the jump in have since increased annually in line with inflation until significant changes announced in Budget For the tax year starting 6 th April 2014 but prior to 1 st July 2014 the limit on the amount that could be subscribed into a combination of an Adult stocks & shares ISA and/or cash ISA was set at 11,880, providing that the amount subscribed into a cash ISA did not exceed 5,940. From 1 st July 2014 all ISAs became New ISAs (NISAs). The NISA offers flexibility to save the NISA annual allowance of 15,000 in cash, stocks and shares or any combination of the two. Under the NISA rules savers can transfer previous years ISA savings freely between stocks and shares and cash if they wish. Therefore from 1 st July 2014, savers have been able to split the amount they subscribe into an ISA between a Cash ISA and a Stocks and Shares ISA as they choose - up to the new overall annual ISA limit. The limit was increased to 15,240 for the tax year, from 15,000 in , and remains at this limit for The limit for savings in a child Junior ISA is 4,080. This limit can be divided in any fashion between cash and stocks & shares. The annual subscription limits for Adult ISAs are shown in Table 1 below and those for Junior ISAs in Table 2. 7
8 Table 1 Adult ISA Subscription Limits a Applicable to those aged under 50. Tax year starting 6th April Overall Subscription Limit Cash ISA Limit ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,000 3, ,200 3, ,200 a / 10,200 b 3,600 a / 5,100 b ,200 5, ,680 5, ,280 5, ,520 5, ,880 c / 15,000 d 5,940 c / 15,000 d ,240 15, ,240 15,240 b Applicable to those aged 50 and over from 6 th October c Limits until 30 th June 2014 d The cash and overall subscription limits were raised to 15,000 from 1 st July 2014 with the introduction of the New ISA (NISA). Table 2 Junior ISA Subscription Limits e Applicable from 1 November 2011 Tax year starting 6th April Overall Subscription Limit Cash Junior ISA Limit e 3,600 3, ,600 3, ,720 3, ,840 f / 4,000 g 3,840 f / 4,000 g ,080 4, ,080 4,080 f Limits until 30 th June 2014 g These limits were raised to 4,000 from 1 st July
9 Section 2 Commentary and analysis This section provides commentary and analysis on the key features of the ISA statistics contained in this release. The analysis is organised according to the published table numbers shown in Section 4. Number of ISAs subscribed to (Table 9.4) Chart 1 below shows that around 13 million Adult ISA accounts were subscribed to in , down from 13.5 million subscribed to in The number of cash ISAs subscribed to fell slightly by 0.2 million and those to stocks and shares ISAs fell by 0.3m. The share of accounts subscribed to in cash stayed broadly static, at just under 80% of accounts. In addition, around 510 thousand Junior ISA accounts were subscribed to in the third full financial year ( ) since the scheme was launched, up from 432 thousand in
10 Amounts subscribed (Table 9.4) Chart 2 shows that around 79 billion was subscribed to Adult ISAs in , a significant increase of over 20 billion compared to This is due to the changes in ISA rules implemented on July 1st 2014, which increased the annual limit significantly to 15,000 in any combination of cash and stocks & shares. Prior to this, the amount that could be subscribed in cash was limited to half of the overall ISA subscription limit. For example, between 6th April and 1st July 2014, a maximum of 5,940 of the 11,880 limit could be cash. 582 million was subscribed to Junior ISA accounts in , around two thirds of which was in cash. Average Subscriptions (Table 9.4) Average subscriptions in were 6,064, over 40 per cent higher than in This is due to the large increase in the annual subscription limit, to 15,000, introduced during the tax year. 10
11 Market value of ISA funds (Table 9.6) At the end of the market value of Adult ISA holdings stood at 483 billion, a 3% increase compared to the value at the end of These holdings are currently split almost equally between cash ISAs and stocks & shares ISAs. The market value of cash holdings increased by around 9 billion to billion. As there was a significant rise in cash subscriptions of over 20 billion following the increase of the limit, this implies an increase in withdrawals from cash ISAs (although HMRC does not track these). The increase in the market value of funds held in stocks and shares is likely to be driven by strong stock market performance in
12 0-4,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99, , , ,000 or more Proportion of ISA holders Millions of holders Average value ISA holders by income (Tables 9.7 & 9.10) Chart 5 shows details of the 21.7 million Adult ISA holders analysed by income band for the year The median ISA holder (by income) has annual income of between 10,000 and 19,999, with average ISA savings of around 19,538. At higher earnings levels the number of ISA holders declines (due to a lower amount of people in such income bands), but is accompanied by a large increase in average ISA savings values. For ISA savers with incomes of 150,000 or more, values averaged 64,148. Chart 5 - Numbers of ISA holders and average ISA savings value by income band in , , , , , , , , ,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99, , , ,000 or more 0 Income range Number of ISA holders (left axis) Average value of ISA holdings (right axis) Chart 6 illustrates the income distribution of people holding only cash or only stocks & shares ISAs in Higher income groups show a stronger preference for stocks and shares over cash ISAs, whilst the opposite is true for lower income groups. 35% 30% Chart 6 - Distribution of ISA holders by income band in % 20% 15% Stocks and Shares Only Cash Only 10% 5% 0% Income range 12
13 0-4,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99, , , ,000 or more All ranges Proportion of ISA subscribers 0-4,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99, , , ,000 or more All ranges Proportion of ISA subscribers Chart 7 shows that the amount subscribed to an ISA increases with the income of the individual subscriber. Although taken as a whole only 9% of subscribers saved at the maximum in , this rises to 31% of those with income of 100, ,999, and to 49% of those with income of 150,000 or more. The highest proportion of savers - around 40% - saved between 4,000 and 5,999. The chart suggests that some individuals may have contributed more to their ISAs than their annual earnings allow. This may be possible where individuals have existing taxable savings that they are transferring into ISA accounts. Alternatively, in households with more than one adult, earnings from one high income individual may enable other adults in the household to open an ISA account, in order to maximise the tax-free return on their savings. 100% Chart 7 - ISA subscriptions by income band and size of subscription in % 60% 40% 20% 0% 11,520 maximum 10,000-11,519 8,000-9,999 6,000-7,999 4,000-5,999 2,000-3, ,999 Income range In , 37% of individuals subscribing to only a cash ISA did so at the full 5,760 limit for the year. Chart 8 illustrates how the proportion subscribing up to the maximum increases with income, rising from around 25% in the lowest income group to around 80% in the highest. This suggests that higher earning ISA holders may have wished to subscribe even more to their cash account but were constrained by the annual subscription limit. 100% Chart 8 - Cash ISA subscriptions by income band and size of subscription in % 60% 40% 20% 0% 5,760 maximum 5,000-5,759 4,000-4,999 3,000-3,999 2,000-2,999 1,000-1, Income range 13
14 Millions of ISA holders Average savings value 0-4,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99, , , ,000 or more All ranges Proportion of ISA subscribers Chart 9 illustrates relative savings contributions to stocks & shares ISAs by range of savers' income, by those contributing to a stocks & shares ISA only. In , 43% of individuals across all income groups contributed the maximum 11,520 limit to a stocks & shares ISA. For savers with income between 100,000 and 149,999, however, this proportion was 51%, and 67% for those with income of 150,000 or more. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Chart 9 - Stocks and Shares ISA subscriptions by income band and size of subscription in ,520 maximum 10,000-11,519 8,000-9,999 6,000-7,999 4,000-5,999 2,000-3, ,999 Income range ISA holders by age and gender (Tables 9.8 & 9.11) Chart 10 illustrates the distribution of Adult ISA holdings across different age groups. There is the lowest number in the youngest category (under 25), but approximately 78% of this group are active savers. The data suggests lower use of ISAs by younger individuals than in The greatest number of savers is in the 65 and over group, and this group also had the highest average ISA savings value of 37,864. A large portion of this group (50%), however, were not active savers in Chart 10 - Age distribution and average savings of ISA holders in ,000 30,000 25,000 20,000 15,000 10,000 5,000 Non-subscriber in Subscriber in Average ISA market value 0 Under and over Age range 0 14
15 Proportion of ISA holders The size of ISA holdings rises with income. Chart 11 shows the proportion of ISA holders with different levels of ISA savings across income bands. Amongst ISA savers with income of 150,000 or more, 54% have ISA savings of 30,000 or greater, compared to just 10% of savers on income below 5,000. For ISA savers with incomes of 150,000 or more the average ISA saving at the end of was 64,148. Chart 11 - ISA holdings by income band and average ISA savings value in % 80% 25,000 20,000 30,000 or more 20,000-29,999 Proportion of ISA holders 60% 40% 20% 15,000 10,000 5,000 Average savings value 15,000-19,999 12,000-14,999 9,000-11,999 6,000-8,999 3,000-5,999 0% 0 1-2, ,999 5,000-9,999 10,000-19,999 20,000-29,999 30,000-49,999 50,000-99,999 Income range 100, , ,000 or more All ranges Average ISA market value The size of ISA holdings also increases with age. Chart 12 shows that the proportion of ISA holders with ISAs valued at 30,000 or more is highest amongst those aged 65 or more, whilst the proportion of ISA holders with ISAs valued at between 1 and 2,999 is highest amongst the under 25s. The average amount of ISA savings in the under 25 age group at the end of was 3,650, compared with 37,864 in the 65 and over group. The data suggests that fewer younger individuals are holding ISAs compared to previous years. Chart 12 - ISA holdings by age range and average ISA savings value in % 90% 80% 50,000 40,000 30,000 or more 20,000-29,999 70% 15,000-19,999 60% 50% 40% 30,000 20,000 12,000-14,999 9,000-11,999 30% 20% 10% 10,000 6,000-8,999 3,000-5,999 0% Under and over Age range All ages 0 1-2,999 Average ISA market value 15
16 North East North West and Merseyside Yorkshire and the Humber East Midlands West Midlands East of England London South East South West All English regions Percentage Average savings value Gender balance The gender split of numbers of ISA subscribers is relatively equal. Chart 13 shows that in , males accounted for a progressively higher proportion of the higher value ISA holders. Males accounted for 51% of ISA holdings worth 30,000 or more, in contrast to owning 48% of holdings worth up to 2,999. Chart 13 - ISA savings by gender in % 50% Female Male 0% 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 30,000 or more All market values ISA market values Geographical location of ISA holders (Table 9.9 & 9.12) Chart 14 illustrates that amongst English regions, the proportion of adults holding ISAs is highest in the South West at 50% and lowest in London at 36%. In general, regions with lower proportions of ISA savers have lower average levels of ISA savings. 60% 50% Chart 14 - Proportions of population with ISAs and average holding by English region ,000 25,000 40% 20,000 30% 20% 10% 0% 15,000 10,000 5,000 0 Proportion of adult population Average ISA market value Region 16
17 Percentage Average savings value Chart 15 shows that at the end of , 44% of adults in England had an ISA. Similar proportions of adults had ISAs in Wales (42%). The proportion of adults holding ISAs in Scotland (37%) and Northern Ireland (30%) were lower than in the rest of the UK. ISAs held by individuals in England were on average of higher value than those in the rest of the United Kingdom. Chart 15 - Proportions of population with ISAs and average holding by UK region in % 25,000 40% 30% 20% 20,000 15,000 10,000 Proportion of adult population Average ISA market value 10% 5,000 0% England Wales Scotland Northern Ireland Region United Kingdom (and overseas) 0 17
18 Section 3 Tables Table list This section reproduces the various ISA tables (with links below to the published pdf versions; but there are xls spreadsheet versions as well available from:- https://www.gov.uk/government/collections/individual-savings-accounts-isa-statistics) Table 9.4 Table 9.6 Table 9.7 Table 9.8 Table 9.9 Table 9.10 Table 9.11 This table shows total amounts subscribed to Adult and Junior cash and stocks and shares ISAs during the latest financial year, and the number of ISA accounts receiving subscriptions during the year: updated August 2015 to Between and ISA subscriptions were collected and published on a quarterly basis. This table shows the total market value of all Adult cash and stocks and shares ISA accounts at the end of the financial year, net of any withdrawals and regardless of whether or not they received a subscription during the year; updated August 2015 to This table shows the number of adults subscribing to an ISA by income during the year: updated April 2016 to This table shows the number of adults subscribing to an ISA during the year by age and gender: updated April 2016 to This table shows the number of adults subscribing to an ISA during the year by region: updated April 2016 to This table shows the market value of adult ISA funds by income level: updated April 2016 to This table shows the market value of adult ISA funds by age and gender; updated April 2016 to Table 9.12 Market value of adult ISA funds by country and region: updated April 2016 to
19 9.4 Individual savings accounts Number of ISAs, amounts subscribed to each component and average subscription per account Annual subscriptions as reported to HMRC by providers for financial years ending 5th April. Adult ISAs Numbers: thousands; Amounts: million Average subscription Number of accounts subscribed in current year (thousands) Amounts subscribed ( million) per account ( ) Mini ISAs Mini ISAs Stocks and Maxi Stocks and Stocks and Maxi Cash Shares Insurance ISAs Total Cash Shares Insurance Total Cash Shares Insurance ISAs ,591 1, ,293 9,278 12,306 16, ,431 2,520 1, , ,018 1, ,402 11,259 14,477 15, ,778 2,300 1, , ,594 1, ,477 11,964 17,058 11, ,549 2,220 1, , ,556 1, ,971 12,487 18,558 9, ,962 2,150 1, , ,789 1, ,643 12,055 19,361 8, ,668 2,190 1, , ,242 1, ,474 12,207 20,575 7, ,237 2,220 1, ,150 Mini ISAs Mini ISAs Mini ISAs Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Maxi Insurance Stocks and Insurance Stocks and Insurance Maxi Cash Shares ISAs Total Component Cash Shares Total Component Cash Shares Component ISAs ,939 1,523 1,543 13, ,935 9,170 31, ,200 1, , ,387 1,564 1,617 13, ,677 10,363 33, ,180 1, , ,468 1,662 1,584 14, ,261 10,440 35, ,200 1, ,810 Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Insurance Stocks and Insurance Stocks and Insurance Cash Shares Total Component Cash Shares Total Component Cash Shares Total Component ,234 2,960 15, ,383 9,711 40, ,483 3,281 2, ,426 3,011 14, ,437 12,542 43, ,751 4,165 3, ,859 3,387 15, ,197 15,515 53, ,221 4,581 3,523 1, ,187 2,863 14, ,222 15,546 52, ,327 5,431 3,756 1, ,682 2,924 14, ,901 16,459 57, ,501 5,629 3,927 1, ,481 2,992 13, ,821 18,439 57, ,704 6,163 4,250 2, ,288 2,711 12, ,951 17,873 78, ,924 6,593 6,064 2,455 19
20 9.4 Continued: Junior ISAs (introduced from 1 November 2011) Average subscription Number of accounts subscribed in current year (thousands) Amounts subscribed ( million) per account ( ) Stocks and Stocks and Stocks and Shares Shares Shares Stocks and Insurance Stocks and Insurance Stocks and Insurance Cash Shares Total Component Cash Shares Total Component Cash Shares Total Component n/a n/a 71 ~ n/a n/a 115 ~ n/a n/a 1,623 ~ ,442 1,075 1, ,391 1,208 1, ,110 1,221 1, Table Published August 2015 Footnotes 'n/a' Cash and stocks & shares Junior ISA subscriptions cannot be show n separately because of statistical disclosure arising from ISA provider market dominance. This suppression is in accordance w ith National Statistics policy of preserving confidentiality in published statistical information. ~ These figures are too small to report given the units in w hich data is presented in this table. Notes on the table 1. The above table show s the number of ISAs to w hich subscriptions have been made and amounts invested split by type of component. The information in the tables comes from the annual returns that must be made to the HM Revenue & Customs by ISA managers. 2. Until this information w as available on a quarterly basis. 3. Life insurance component qualifying investment rules w ere merged w ith the stocks and shares component rules from the 6th April 2005 subject to a cash like test. 4. Prior to April 2008 there w as a separation betw een mini and maxi ISAs. Mini ISAs had separate discrete limits on the amounts that could be saved in each class of ISA. A Maxi ISA also imposed limits on the amounts that could be saved in cash but allow ed any unused allow ance up to the maximum overall limit to be saved in stocks and shares. From April 2008 this mini/maxi separation w as abolished in favour of a simple distinction betw een cash and stocks and shares ISAs (again w ith any unused cash allow ance increasing the amount that could be saved in a stocks and shares ISA up to the overall limit). 5. Prior to April 2008 the overall ISA limit w as 7,000 w ith the cash limit being set at 3,000. From April 2008 these limits w ere raised to 7,200 and 3,600 respectively. And from October 2009, for those aged 50 or over, the overall subscription limit w as increase to 10,200, of w hich 5,100 could be invested in a cash ISA. These higher limits applied to all age groups in Stocks & shares and cash subscription limits of 10,680 and 5,340 respectively applied in Stocks & shares and cash subscription limits of 11,280 and 5,640 respectively applied in Stocks & shares and cash subscription limits of 11,520 and 5,760 respectively applied in For the tax year starting 6th April 2014 but prior to 1st July 2014, the stocks and shares limit w as 11,880 and the cash limit w as 5,940. From 1st July 2014, all ISAs became New ISAs (NISAs). The annual subscription limit w as increased to 15,000, w hich can be subscribed in cash, stocks and shares, or any combination of the tw o. 20
21 9.6 Individual savings accounts (ISAs) 11 Market value of funds as of 5 April, by type of qualifying investment. Now also including details of Personal Equity Plan (PEP) fund values for consistency with periods beyond 2008 when PEPs were absorbed into Stocks and Shares ISAs. Amounts: million Amount Amount Amount Amount Adult ISAs : Stocks & Shares Component Shares 30,509 33,983 34,822 36,038 EEA Shares ,361 5,331 Securities 2,295 2,507 2,771 2,656 Gilts Unit Trusts 1 37,871 45,137 51,082 51,838 Shares in OEICs 2 90, , , ,963 Corporate Bond Funds 3 9,304 10,060 9,551 9,930 Investment Trusts 6,722 8,528 9,614 11,027 Units/Shares in UCITS 4 4,959 5,382 7,046 9,844 Surrender value of policies 5 1,138 1,545 1,536 1,983 Cash on deposit 5,236 6,445 6,481 8,215 Total ISA Stocks & Shares Funds 6 (included below) (included below) (included below) (included below) Funds held in Personal Equity Plans 6 (included below) (included below) (included below) (included below) Total ISA and PEP Stocks & Shares Funds 189, , , ,535 Adult ISAs : Cash Component 7 Money market funds Funds of funds Surrender value of policies Other Investment Products Cash on deposit 198, , , ,425 Total ISA Cash Component 7 198, , , ,484 Total Adult ISA Funds (included below) (included below) (included below) (included below) Total Adult ISA and PEP Funds 388, , , ,019 Junior ISAs 9 Stocks & Shares Component n/a Cash Component n/a ,140 Total Junior ISA Funds ,108 1, Excluding unit trusts invested in corporate bonds. 2. Open Ended Investment Companies excluding those invested in corporate bonds. 3. Including 2,373m of corporate bond funds held w ithin Unit Trusts and 7,557m of corporate bond funds held w ithin OEICS at the end of March Undertaking for Collective Investment In Transferable Securities. 5. The surrender value of policies Market Valuation date may be from 5 October of the year of return. 7. Cash component also includes TESSA only ISAs. 8. Information in respect of these types of fund w as not separately collected after Junior ISAs w ere introduced on 1st November 2011 Table Updated August Personal Equity Plans (PEPs) w ere absorbed into stocks and shares ISAs from 6 April Thereafter providing separate stocks & share ISA and PEP valuations is not possible. 10. ''n/a' Cash and stocks & shares Junior ISA subscriptions cannot be show n separately because of statistical disclosure arising from ISA provider market dominance. This suppression is in accordance w ith National Statistics policy of preserving confidentiality in published statistical information. 11. The change in the format of the table from the beginning of reflects the merger of the Life Insurance component qualifying investment rules w ith the stocks and shares component rules (subject to a cash-like test). 12. Since 5th August 2013 company shares w hich are traded on any market of a recognised stock exchange in the EEA can be included w ithin a stocks and shares ISA. 21
22 9.7 Individual Savings Accounts (ISAs) Number of individuals subscribing to ISAs in , by income and amount of subscription All ISA Subscribers (maximum combined subscription 11,520; cash ISA maximum 5,760) Numbers: thousands Combined subscription Range of income 1-2,000-4,000-6,000-8,000-10,000- All No further 11,520 1,999 3,999 5,999 7,999 9,999 11,519 subscriptions subscription 2 All ISA holders 0-4, ,850 5,000-9, ,680 1,671 3,351 10,000-19,999 1, , ,732 2,995 6,727 20,000-29, , ,459 1,557 4,016 30,000-49, ,358 1,310 3,668 50,000-99, , , , , ,000 or more All ranges 3,934 1,754 5, ,193 12,603 9,092 21,694 Cash ISA Subscribers Only Numbers: thousands Subscription Range of income ,000-2,000-3,000-4,000-5,000- All No further 5,760 1,999 2,999 3,999 4,999 5,759 subscriptions subscription 2 All ISA holders 0-4, ,509 5,000-9, ,424 1,134 2,558 10,000-19, ,083 3,120 1,807 4,927 20,000-29, , ,799 30,000-49, , ,345 50,000-99, , , ,000 or more All ranges 2,016 1, ,510 9,611 5,482 15,093 Stocks & Shares ISA Subscribers Only Numbers: thousands Subscription Range of income 1-2,000-4,000-6,000-8,000-10,000- All No further 11,520 1,999 3,999 5,999 7,999 9,999 11,519 subscriptions subscription 2 All ISA holders 0-4, ,000-9, ,000-19, ,000-29, ,000-49, ,000-99, , , ,000 or more All ranges , ,503 Cash and Stocks & Shares ISA Subscribers Numbers: thousands Combined Subscription Range of income 1-2,000-4,000-6,000-8,000-10,000- All No further 11,520 1,999 3,999 5,999 7,999 9,999 11,519 subscriptions subscription 2 All ISA holders 0-4, ,000-9, ,000-19, ,033 1,210 20,000-29, ,000-49, ,000-99, , , ,000 or more All ranges ,228 4,098 Published: April 2016 Footnotes 1 Tax year ending 5 April 2 This represents individuals holding possibly one or more ISA account (variously cash, stocks & share, or a combination of both) but who did not make a further subscription during the year. Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 22
23 9.8 Individual Savings Accounts (ISAs) Number of individuals subscribing to ISAs in , by age and gender Gender/Age Number of individuals subscribing to: Cash ISA Stocks & Shares ISA Stocks & Shares and Cash ISA All Subscriptions No further subscription 2 Numbers: thousands All ISA Holders Under , , , , , , and over 1, ,627 1,589 3,216 Total 4,399 1, ,073 4,532 10,605 Female 2 Under , , , , , , and over 1, ,531 1,541 3,072 Total 5, ,530 4,560 11,089 Total Under , , ,793 1,019 2, , ,866 1,406 3, , ,396 1,691 4, , ,466 1,578 4, and over 2, ,158 3,130 6,288 Total 9,611 2, ,603 9,092 21,694 Published: April 2016 Footnotes 1 Tax year ending 5 April 2 This represents individuals holding possibly one or more ISA account (variously cash, stocks & share, or a combination of both) but who did not make a further subscription during the year. 3 The analysis by gender is currenty provisional Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 23
24 9.9 Individual Savings Accounts (ISAs) Number of individuals subscribing to ISAs in , by country and region Number of individuals subscribing to: Cash ISA Stocks & Shares ISA Stocks & Shares and Cash ISA All Subscriptions No further subscription 2 Numbers: thousands All ISA Holders Region and Country England North East North West and Merseyside 1, ,341 1,005 2,346 Yorkshire and the Humber , ,792 East Midlands ,635 West Midlands , ,927 East of England , ,196 London 1, , ,403 South East 1, ,953 1,330 3,283 South West , ,169 Total 8,288 1, ,859 7,744 18,603 Wales ,036 Scotland ,610 Northern Ireland Overseas and Unknown United Kingdom 9,611 2, ,603 9,092 21,694 Published: April 2016 Footnotes 1 Tax year ending 5 April 2 This represents individuals holding possibly one or more ISA account (variously cash, stocks & share, or a combination of Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 24
25 9.10 Individual Savings Accounts (ISAs) Number of individuals holding ISAs by income and market value as at end All ISA Holders Market value Range of income 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 Numbers: thousands 30,000 or more Total Average ISA Market Value 0-4, ,850 10,606 5,000-9,999 1, ,351 16,141 10,000-19,999 2, ,392 6,727 19,538 20,000-29,999 1, ,016 21,920 30,000-49,999 1, ,668 25,402 50,000-99, ,553 34, , , , ,000 or more ,148 All ranges 7,692 2,792 1,250 1, ,255 1,718 4,656 21,694 21,647 Cash ISA Holders Only Market value Range of income 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 Numbers: thousands 30,000 or more Total Average ISA Market Value 0-4, ,509 5,204 5,000-9,999 1, ,558 8,714 10,000-19,999 2, ,927 10,472 20,000-29,999 1, ,799 9,751 30,000-49,999 1, ,345 9,464 50,000-99, , , , , ,000 or more ,354 All ranges 7,172 2, , ,338 15,093 9,412 Stocks & Shares ISA Holders Only Market Value Range of income 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 Numbers: thousands 30,000 or more Total Average ISA Market Value 0-4, ,804 5,000-9, ,898 10,000-19, ,123 20,000-29, ,327 30,000-49, ,685 50,000-99, , , , , ,000 or more ,533 All ranges ,503 44,320 Cash and Stocks & Shares ISA Holders Market Value Range of income 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 Numbers: thousands 30,000 or more Total Average ISA Market Value 0-4, ,781 5,000-9, ,451 10,000-19, ,210 47,887 20,000-29, ,358 30,000-49, ,126 50,000-99, , , , , ,000 or more ,797 All ranges ,374 4,098 52,857 Published: April 2016 Footnotes 1 Tax year ending 5 April Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 25
26 9.11 Individual Savings Accounts (ISAs) Number of individuals holding ISAs by age, gender and market value, as at end All ISA Holders Market value Gender/ Age 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-19,999 20,000-29,999 Numbers: thousands 30,000 or more Total Average ISA Market Values Under , ,346 5, ,578 10, ,947 18, ,961 28, and over ,245 3,216 38,755 Total 3,668 1, ,391 10,605 22,933 Female 2 Under , ,466 4, ,694 9, ,140 15, ,083 26, and over ,178 3,072 36,931 Total 4,024 1, ,264 11,089 20,417 Total Under ,191 3, , ,812 5, , ,272 10, , ,087 16, ,149 4,044 27, and over ,423 6,288 37,864 Total 7,692 2,792 1,250 1, ,255 1,718 4,656 21,694 21,647 Published: April 2016 Footnotes 1 Tax year ending 5 April 2 The analysis by gender is currenty provisional Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 26
27 9.12 Individual Savings Accounts (ISAs) Number of individuals holding ISAs by country, region and market value, and as a percentage of the UK adult population, as at end All ISA Holders Market value: 1-2,999 3,000-5,999 6,000-8,999 9,000-11,999 12,000-14,999 15,000-20,000-30,000 19,999 29,999 or more Numbers: thousands Total Percentage of all adults 2 Average ISA Market Value Region and Country England North East % 17,835 North West and Merseyside , % 19,734 Yorkshire and the Humber , % 19,941 East Midlands , % 19,834 West Midlands , % 20,088 East of England , % 22,805 London , % 23,185 South East 1, , % 25,287 South West , % 22,985 Total 6,575 2,398 1,064 1, ,070 1,475 4,024 18, % 21,880 Wales , % 19,363 Scotland , % 21,565 Northern Ireland % 17,582 Overseas and Unknown ,833 United Kingdom 7,692 2,792 1,250 1, ,255 1,718 4,656 21, % 21,647 Published: April 2016 Footnotes 1 Tax year ending 5 April 2 All individuals aged 18 years or over Notes to the tables (i) The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue & Customs on an annual basis, primarily for compliance purposes. As well as providing information on the type of ISA this gives details of the account holder's date of birth, gender and National Insurance Number (NINO). This last item of information enables the data to be linked to personal incomes (both earnings and investment income, as taken primarily from the Survey of Personal Income or SPI). It also enables the analysis to be performed at individual rather than at account level. The total number of ISA holders is not reported by ISA managers. Estimates of the total numbers of ISA holders are based on average market values of ISAs for a sample of individuals combined with reported agregate ISA market values (from Table 9.6). (ii) Due to incorrect or missing returns there is usually a less than perfect match between the SPI and ISA account holder data. This is overcome by using imputation techniques, thus ensuring consistency between the various published ISA tables. (iii) From 6th April 2008 Personal Equity Plans were incorporated into ISAs. 27