Official Statistics

Annual savings statistics: background and methodology

Updated 4 December 2024

1. 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 HM Revenue and Customs.

This note provides details of the data used in the publication and the estimation methodologies.

In addition to information on ISAs, this publication also shares information on Child Trust Funds (CTFs) and Help to Save (HTS) accounts.

2. Recent changes

ISA managers supply aggregate and individual data at different times of the year and this results in tables being updated for different tax years dependent on data availability.

Tables 9.4 and 9.6 have been updated for the 2022 to 2023 tax year (ISA savings up to 5 April 2023):

• 9.4, total amounts subscribed to an ISA, and number of ISA accounts receiving subscriptions

• 9.6, total market value of all ISA funds

Tables 9.7 to 9.12 have been updated for the 2021 to 2022 tax year (ISA savings up to 5 April 2022):

• 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 sex

• 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 sex

• 9.12, market value of adult ISA funds by country and region

This publication no longer includes information on ISAs prior to and including 2007 to 2008. Previous publications including those years can be found in the National Archives.

The CTF tables have been updated to include tax years 2022 to 2023 and 2023 to 2024.

• Table 1, market values of CTFs as of 5 April 2023 and 5 April 2024.

• Table 2, subscriptions to CTFs in the years 2022 to 2023 and 2023 to 2024.

All HtS tables have been updated up to 30 April 2024.

All LISA tables have been updated up to 5 April 2024.

This publication will be released annually in September.

3. Background

3.1 The introduction of ISAs

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, stocks and shares and/or innovative finance 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 2020 to 2021 was around £3.8 billion.

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 April to the following 5 April).

3.2 Adult ISAs

There are 4 main types of ISA - cash ISA, stocks and shares ISA, Innovative Finance ISA and Lifetime ISA. In each tax year individuals may subscribe to separate cash, stocks and shares, Innovative Finance and Lifetime 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 lock-in 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. Investments in approved life products can be held in either a cash ISA or a stocks and shares ISA.

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. Lifetime ISAs face different subscription limits of £4,000 per year, and face certain withdrawal charges for early access, except in certain cases such as retirement or the purchase of a first home. Lifetime ISAs can hold cash and/or stocks and shares and so form part of these breakdowns in table 9.6.

3.3 Junior ISAs

Junior ISA accounts have been available since 1 November 2011 to children under the age of 18 who do not own a CTF 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 Junior cash ISA as well as an Adult cash ISA from that age. A child can have a stocks and shares Junior ISA account, as well as a cash account.

3.4 Help to Buy ISAs

The Help to Buy: ISA scheme was launched on 1 December 2015 with accounts available through banks, building societies and credit unions. The scheme enabled people saving for their first home to receive a 25% bonus to their savings from the government when they bought a property of £250,000 or less (£450,000 in London). This meant that for every £200 saved, first-time buyers could receive a government bonus of £50. The maximum government bonus was £3,000.

The scheme was closed to new accounts on 30 November 2019, though Help to Buy: ISA account holders can continue saving into their account until 30 November 2029, when accounts will close to additional contributions. The Help to Buy: ISA government bonus must be claimed by 1 December 2030.

Help to Buy: ISAs are included within these statistics under cash subscriptions and market values, but the information is not separated out. This is because it is not captured in the methodology. Further information on the methodology of these statistics can be found in Section 4: Data and Methodology.

For official statistics on the Help to Buy: ISA scheme specifically, please refer to the Help to Buy ISA statistics.

3.5 Lifetime ISAs

The Lifetime ISA was announced at Budget 2016 and became available in April 2017. People who are under the age of 40 can open a Lifetime ISA 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.

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.

A reduced withdrawal charge of 20% was temporarily introduced from 6 March 2021 to 5 April 2022. If you’ve been charged the higher rate of 25%, the difference will be paid back into your Lifetime ISA. Contact your Lifetime ISA provider if this does not happen.

Find more information at the Lifetime ISAs information page.

3.6 Innovative Finance ISAs

From 6 April 2016, interest and gains from peer to peer loans qualified for tax advantages where these loans are made through a new type of Individual Savings Account, the Innovative Finance ISA.

At Budget 2014, the Chancellor announced that peer to peer loans would become ISA qualifying investments. HM Treasury consulted on implementation of this measure between 17 October and 12 December 2014. HM Treasury’s response to this consultation, confirming that peer to peer loans would be eligible for a new type of ISA (the Innovative Finance ISA), was published at Summer Budget 2015.

3.7 ISA Limits

Table 1: Adult ISA Subscription Limits

Tax year starting 6 April	Overall Subscription Limit (£)	Cash ISA Limit (£)
2008 to 2009	7,200	3,600
2009 to 2010	7,200/10,200	3,600/5,100
2010 to 2011	10,200	5,100
2011 to 2012	10,680	5,340
2012 to 2013	11,280	5,640
2013 to 2014	11,520	5,760
2014 to 2015	11,880/15,000	5,940/15,000
2015 to 2016	15,240	15,240
2016 to 2017	15,240	15,240
2017 to 2018	20,000	20,000
2018 to 2019	20,000	20,000
2019 to 2020	20,000	20,000
2020 to 2021	20,000	20,000
2021 to 2022	20,000	20,000
2022 to 2023	20,000	20,000
2023 to 2024	20,000	20,000
2024 to 2025	20,000	20,000

Table 2: Junior ISA Subscription Limits

Tax year starting 6 April	Overall Subscription Limit(£)	Cash Junior ISA Limit (£)
2011 to 2012	3,600	3,600
2012 to 2013	3,600	3,600
2013 to 2014	3,720	3,720
2014 to 2015	3,840/4,000	3,840/4,000
2015 to 2016	4,080	4,080
2016 to 2017	4,080	4,080
2017 to 2018	4,128	4,128
2018 to 2019	4,260	4,260
2019 to 2020	4,368	4,368
2020 to 2021	9,000	9,000
2021 to 2022	9,000	9,000
2022 to 2023	9,000	9,000
2023 to 2024	9,000	9,000
2024 to 2025	9,000	9,000

3.8 Child Trust Funds

A CTF is a long-term tax-free savings account for children. You cannot apply for a new CTF because the scheme is now closed. You can apply for a Junior ISA instead.

You can continue to add up to £9,000 a year to your CTF account. The money belongs to the child and they can only take it out when they’re 18. They can take control of the account when they’re 16.

CTFs began to mature in September 2020, when the eldest children with CTFs turned 18.

There’s no tax to pay on the CTF income or any profit it makes. It will not affect any benefits or tax credits you receive.

3.9 Help to Save

Help to Save is a type of savings account that allows certain people entitled to Working Tax Credit or receiving Universal Credit to receive a bonus of 50p for every £1 they save over 4 years. Further information on eligibility can be found at the Help to Save Guidance government webpage. Help to Save is backed by the government so all savings in the scheme are secure.

Under the scheme, individuals are permitted to save up to £50 per month. The 50% bonus is payable at the end of the second and fourth years, based on the highest balance achieved over this period.

October 2018 is the first month with a full set of national data. Before 12 September 2018, the scheme was in a trial period, where account availability was limited. The scheme was publicly launched on 12 September as such, data for September 2018 only includes account information for transactions after 12 September 2018.

Accounts close automatically after maturing for a second time. This occurred for the first time in January 2022 and will continue as accounts mature.

4. Data and Methodology

4.1 ISAs

The published ISA tables draw on information from the following returns that financial institutions are required to make:

ISA25 (Stats)

This paper form provides the total amounts subscribed to cash and stocks & shares ISAs during the financial year and the number of ISA accounts that have received a subscription.

ISA14 (Stats)

This paper form provides the total market value of all cash and stocks & shares ISA accounts at the end of the tax year as well as an investment category split of the latter.

The ISA14A combines the ISA25 and ISA14 on a single return.

ISACOMM100 or magnetic media returns

These provide HMRC with details of some 40 million or so active and dormant ISA accounts in paper or electronic format specifying the type of ISA (whether cash or stocks & shares), the total market value, and the amounts subscribed during the year.

Information on Junior ISAs is being collected in a similar fashion to information on Adult ISAs. These sources do not provide information on savings withdrawn from ISAs or on the investment returns being made on ISA investments.

4.2 Child Trust Funds

CTF annual returns from providers have been used as the basis for the statistics. Providers are required to make a return of information to HMRC within 60 days of 5 April of each year (by 4 June), or within 60 days of the date of ceasing to qualify, or act, as a provider. At the end of February each year HMRC will send providers a reminder to make their return. The information required is for the period from the date the provider began to manage CTFs, or the last reporting date, whichever is the later. Providers must report details for all CTFs they managed during the return period, including CTFs transferred in, and CTFs where the account holder has died.

The annual CTF return is submitted to HMRC electronically. The return includes details for each CTF account managed during the return period and show:

• the child’s unique reference number

• if the account is a stakeholder account (Type 1), a non-stakeholder account (Type 2), a matured account (Type 3), or a matured account that continues to be a CTF after the 18th birthday of the account holder (Type 4)

• the aggregate market value of the investments held under the account at 5 April

• the total cash subscribed to the account during the return period ending on 5 April

4.3 Help to Save

Information on HTS Accounts is received by HMRC from NS&I (National Savings and Investments).

It is with this data we draw totals to create the number of HTS accounts opened and closed, the number and value of deposits made into the accounts and the value of any withdrawals.

It is also used to include the average value of a HTS deposit, the percentage of deposits equal to the maximum amount (£50) and the number of open accounts with no deposits.

Further information regarding the Help to Save scheme can be found in the HTS Guidance.

4.4 Lifetime ISA

Lifetime ISAs are reported monthly on the Lifetime ISA Application Programming Interface (API).

This data is used to create tables on the number of people who’ve withdrawn money from LISAs for house purchases in addition to the total and average value of house purchase withdrawals. It is also used to create the same tables for withdrawals that incur a charge.

5. Method of preparing tables

5.1 Tables 9.4 and 9.6

Figures for these tables are simple totals from the relevant paper forms (ISA25, ISA14 or ISA14a – see Data Sources) with adjustments made for missing returns or obvious corrections before the information is published.

Missing returns are chased and imputed or otherwise assumed to grow at the same rate as the known returns.

Individuals can hold more than one ISA account with more than one manager. The information in Table 9.4 relates to the numbers of accounts subscribed to, and not the numbers of separate individuals subscribing to accounts (which will be fewer).

5.2 Tables 9.7 to 9.12

The methodology for producing these distributional tables is more complicated as the ISA returns do not contain any information on ISA holder income.

The tables are therefore producing by matching the individual ISA data in the ISACOM 100 dataset with HMRC’s Survey of Personal Incomes (SPI). This is a stratified sample with its own grossing factors reflecting how each income group is represented in the population. The SPI and the ISA data can be matched using National Insurance Number (NINO).

However, the size, complexity and lead times mean that preparing the ISA and SPI matched data takes place 18 months or more in arrears of the aggregate subscriptions (table 9.4) and market value (table 9.6) information being published.

Due to non-response and other difficulties in handling and matching large volumes of data, the matched sample is calibrated for consistency with the totals in tables 9.4 and 9.6. This process is carried out independently for tables 9.7 to 9.9 (individuals subscribing to ISAs), and tables 9.10 to 9.12 (all individuals holding ISAs), treating cash and stocks & shares holdings, and subscribers and non-subscribers separately. Age, sex and region are taken directly from the SPI dataset without having to be imputed.

5.3 CTFs Tables 1 and 2

Figures for these tables are computed from the relevant returns from providers, with adjustments made for missing returns before the information is published. Missing returns are chased and imputed under the assumption that they have grown at the same rate as the known returns.

Individuals can hold only one CTF, as such, if returns include multiple records for one individual, only one record is retained.

5.4 Lifetime ISAs Tables 1a and 1b

Figures from these tables are taken from the monthly electronic returns from providers. Where there are multiple withdrawals recorded for one account in a given claim period, the most recent record is retained. If multiple records are marked as “most recent” the record with the largest withdrawal amount is retained.

6. Additional Footnotes

6.1 Table 9.4

Until 2007 to 2008 this information was available on a quarterly basis, it is now on an annual basis.

Life insurance component qualifying investment rules were merged with the stocks and shares component rules from the 6 April 2005 subject to a cash like test.

For the tax year starting 6 April 2014 but prior to 1 July 2014, the stocks and shares limit was £11,880 and the cash limit was £5,940. From 1 July 2014, all ISAs became New ISAs (NISAs). The annual subscription limit was increased to £15,000, which can be subscribed in cash, stocks and shares, or any combination of the two. For 2015-16 and 2016-17, the annual limit was £15,240.

6.2 Table 9.6

This now also includes details of PEPs fund values for consistency with periods beyond 2008 when PEPs were absorbed into stocks and shares ISAs.

Since 5 August 2013, company shares which are traded on any market of a recognised stock exchange in the European Economic Area (EEA) can be included within a stocks and shares ISA.

6.3 Tables 9.7 to 9.12

The estimates are based on a sample of individuals. Information on ISA subscriptions and valuations is reported by managers to HM Revenue and 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 and 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 SPI). It also enables the analysis to be performed at individual rather than at account level.

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. As of tax year 2017 to 2018, an improvement to the method of merging SPI to ISA account holder data has improved our match rate. Therefore, it is not advisable to compare statistics produced from tax year 2017 to 2018 onwards to statistics produced in prior tax years. This is applicable to ISA statistics tables 9.7 to 9.12.

This match with the SPI is scaled up using factors from the stratified sample, meaning some breakdowns such as those by age, sex, region or income, may fluctuate between years.

From tax year 2017 to 2018, All ISA Subscribers includes Innovative Finance ISAs, along with cash and stocks & shares. Innovative Finance ISA data has low reliability due to HMRC not yet holding full information from providers. A separate category has not been created for Innovative Finance ISA holders and subscribers given the small sample size available which would yield unreliable results.

6.4 User Feedback

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 (personaltax.statistics@hmrc.gov.uk) or alternatively you find more information regarding HMRC’s statistics.

Developments Further information on ISAs can be accessed in The UK Statistics Authority’s (UKSA) review of HMRC savings statistics.

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.

6.5 Contact details

For queries or feedback on this publication, please email personaltax.statistics@hmrc.gov.uk

For press queries, please contact:

HMRC Press Office, news.desk@hmrc.gov.uk