{"id":462935,"date":"2022-09-12T11:15:47","date_gmt":"2022-09-12T10:15:47","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=462935"},"modified":"2024-10-15T14:39:52","modified_gmt":"2024-10-15T13:39:52","slug":"account-types-isas-lisas-jisas-and-sipps","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/share-trading\/share-trading-guides\/share-trading-glossary\/account-types-isas-lisas-jisas-and-sipps","title":{"rendered":"Account types: ISAs, LISAs, JISAs and SIPPs explained"},"content":{"rendered":"<p>When you open an investment platform, you&#8217;ll have options to choose between lots of different account types, all with their own acronyms and no obvious differentiation between them. Mostly, you&#8217;ll be able to access all of the same investments with all of the account types you&#8217;re offered, but there are some key differences that you&#8217;ll want to know before choosing which one you want to open. <\/p><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"\/>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"\/>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">What's the difference between these account types?<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>The main difference between them is tax \u2014 your choice of account determines whether you&#8217;re taxed, any allowances you&#8217;ll have, whether you&#8217;ll get a top up from the government, how much that top up could be and when you&#8217;ll be able to see your money again. We&#8217;ve explained the key information for each account type below.<\/p>\n        <\/div>\n    <\/div>\n<\/div>\n<h3>Investment tax and allowances<\/h3><p>Everyone has investing and savings allowances that reduces or diminishes the amount of tax you&#8217;ll need to pay on either your deposits or your profits. Here are some of the key ones.<\/p><p>You don&#8217;t have to have specific account types to receive the following allowances:<\/p><ul><li><strong>Capital gains tax allowance. <\/strong> This is the amount of profit you can earn in a tax year without having to pay tax on it. The allowance is \u00a33,000, so any profits you earn over \u00a33,000 will be taxable. <\/li><li><strong>Dividend allowance. <\/strong> This is the amount that you can receive in dividends in each year without paying any tax. You get \u00a3500 in each tax year. <\/li><\/ul><p>The following allowances are related to specific account types, which we explain below.<\/p><ul><li><strong>ISA allowance. <\/strong> This is the total amount that you can pay into your combined ISAs in each tax year. You get \u00a320,000 in each tax year. If you stay within your allowance, this would mean you wouldn&#8217;t need to pay capital gains tax or dividend tax. LISA allowance. This is the amount you can pay into a lifetime ISA in each tax year to receive a government top-up on. You can pay \u00a34,000 into your LISA each year. <\/li><li><strong>Pension annual allowance. <\/strong> This is the amount that you can contribute to your pension in each tax year. This is 100% of your annual income up to \u00a360,000 each year. You&#8217;ll receive a top up into your account from tax relief.<\/li><li><strong>Pension lifetime allowance. <\/strong> This is the amount that you can pay into your pension in your lifetime without having to pay tax. The lifetime allowance is \u00a30.<\/li><\/ul><p>All of these allowances are correct in the 2026\/2027 tax year.<\/p><h3>ISA<\/h3><p>An individual savings account (ISA) lets you save or invest up to \u00a320,000 without having to pay any tax on your profits. There are a few different types of ISA, including stocks and shares, cash and lifetime.<\/p><p>The stocks and shares ISA lets you invest your savings. When comparing investment accounts with a provider, you&#8217;ll likely have a choice between a general investment account and an ISA. The difference between them is that the ISA has a tax-free allowance and the general investment account does not. This means that if you&#8217;re opening your first investment account, it could be wise to choose an ISA. <\/p><p>A cash ISA is a type of savings account, usually with a fixed interest rate. You&#8217;ll be able to pay in up to your ISA allowance (\u00a320,000) in each tax year but instead of investing in stocks and shares, you&#8217;ll receive interest on your savings. <\/p><p>A lifetime ISA (LISA) is a type of ISA that gives you a government top up to go towards your first home or retirement. We explain this in more detail below. <\/p><p>We have a <a href=\"https:\/\/www.finder.com\/uk\/stocks-and-shares-isas\">whole guide on ISAs<\/a> if you&#8217;d like to learn more about the different types. <\/p><h3>LISA<\/h3><p>You can have a lifetime stocks and shares ISA or a lifetime cash ISA. As with ISAs, a stocks and shares LISA lets you invest your savings, while a cash LISA is simply a type of savings account. <\/p><p>With a lifetime ISA, you can save for either your first home or retirement. Every tax year, you can deposit up to \u00a34,000 and receive up to \u00a31,000 (25%) from the government. You can open a LISA if you&#8217;re between 18 and 40 and you can pay into a LISA and earn the bonus until you are 50. <\/p><p>You can&#8217;t withdraw your funds without incurring a fee unless you are using it to purchase a house or you&#8217;ve turned 60. You&#8217;re also allowed to withdraw if you are terminally ill with less than 12 months to live. <\/p><p>We have a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/lifetime-isas\">whole guide on lifetime ISAs<\/a> if you want more information. <\/p><h3>JISA<\/h3><p>A junior ISA is an ISA for the little ones. Like with LISAs, you can get both a stocks and shares JISA and a cash JISA.<\/p><p>The child&#8217;s parent can open their child a JISA and anyone can pay into it. The money that&#8217;s paid in will be locked away until the child turns 18, when they&#8217;ll be able to withdraw from it. <\/p><p>Your child has a JISA allowance of 9k, so any money paid into their ISA in each year cannot exceed this amount.<\/p><p>If you think you&#8217;d like to know more about JISAs and see what&#8217;s on offer, we have a <a href=\"https:\/\/www.finder.com\/uk\/share-trading\/junior-stocks-and-shares-isas\">dedicated guide.<\/a> <\/p><h3>IFISA<\/h3><p>The innovative finance ISA is slightly different to its cousins as it&#8217;s defined by the types of investments it holds. You can use your ISA allowance to invest in an innovative finance ISA, so you can put up to \u00a320,000 into it in each tax year without paying any tax on your profits, although this allowance is inclusive of anything you hold in a cash or stocks and shares ISA as well.  <\/p><p>Innovative finance ISAs invest in peer-to-peer loans, which is where investors are matched up with borrowers. As the investor, you&#8217;d be lending money to those who want to borrow and you&#8217;d receive interest for doing so.<\/p><p>Peer-to-peer platforms aren&#8217;t protected by the <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">Financial Services Compensation Scheme<\/a> (FSCS) and returns are not guaranteed.<\/p><h3>Private pensions and SIPPs<\/h3><p>Private pensions and self-invested private pensions are accounts that you can use to save up for your retirement. These let you save up to 100% of your annual income (up to \u00a360,000) in each tax year. There&#8217;s also a lifetime allowance of \u00a30. <\/p><p>You&#8217;ll get tax relief on your payments into a private pension, which means you&#8217;ll get back tax paid on the income \u2014 if you&#8217;re a standard rate taxpayer your pension provider claims the tax back automatically and adds it to your pot, known as relief at source. Higher rate taxpayers need to claim the tax relief. <\/p><p>You can&#8217;t start withdrawing from your private pension until you turn 55. <\/p><p>We have a <a href=\"https:\/\/www.finder.com\/uk\/pensions\">detailed guide on pensions<\/a> if you&#8217;d like to learn more. <\/p><h3>ISA vs SIPP vs LISA<\/h3><table class=\"luna-table luna-table--responsiveList luna-table--fixedColumns has-margin-bottom\"><thead class=\"luna-table__header\"><tr><th><\/th><th>ISA<\/th><th>SIPP<\/th><th>LISA<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><th scope=\"row\">Allowance<\/th><td data-title=\"ISA\">\u00a320,000 per tax year<\/td><td data-title=\"SIPP\">100% of earnings up to \u00a360,000 \/ tax year.<\/td><td data-title=\"LISA\">\u00a34,000 per tax year<\/td><\/tr><tr><th scope=\"row\">Tax relief<\/th><td data-title=\"ISA\">Free from capital gains tax<\/td><td data-title=\"SIPP\">Tax relief at source<\/td><td data-title=\"LISA\">25% top up from the government<\/td><\/tr><tr><th scope=\"row\">Withdrawal rules<\/th><td data-title=\"ISA\">Withdraw whenever you like<\/td><td data-title=\"SIPP\">Withdraw from 55 years.<\/td><td data-title=\"LISA\">Withdraw at purchase of first home or age 60.<\/td><\/tr><tr><th scope=\"row\">Tax on withdrawals<\/th><td data-title=\"ISA\">No<\/td><td data-title=\"SIPP\">Yes<\/td><td data-title=\"LISA\">No<\/td><\/tr><tr><th scope=\"row\">What it holds<\/th><td data-title=\"ISA\">Investments or cash<\/td><td data-title=\"SIPP\">Investments or cash<\/td><td data-title=\"LISA\">Investments or cash<\/td><\/tr><\/tbody><\/table><h3>Bottom line: Which account type should I choose?<\/h3><p>The account you&#8217;ll need to choose will depend on what you&#8217;re saving for. Typically, if you&#8217;ve not saved or invested much before, you&#8217;d probably want an ISA \u2014 check that you&#8217;ve definitely not paid into any ISAs in the current tax year before you get started. If you&#8217;re buying a house, you might want to consider the LISA, but ensure that you&#8217;ll be buying a home within its guidelines first. For retirement, a LISA or a pension would work.<\/p><style type=\"text\/css\">\n    .survey-response {\n        overflow-x: auto;\n        max-width: 800px;\n    }\n\n    .survey-response .luna-table th,\n    .survey-response .luna-table td {\n        padding: 0.3rem 1rem calc(0.20rem + 1px);\n        font-size: 12px;\n        color: rgb(117, 117, 117);\n        text-align: left;\n    }\n\n    .survey-response .luna-table {\n        border: none;\n    }\n\n    .survey-response .row-color-icon {\n        width: 10px;\n        height: 10px;\n        display: inline-block;\n        margin-right: 4px;\n        border-radius: 2px;\n    }\n\n    .survey-response .source-container {\n        top: -12px !important;\n        position: relative;\n    }\n\n    .survey-response .source {\n        color: rgb(108, 120, 129);\n        font-size: 11px;\n    }\n\n    .survey-response .source-link {\n        color: rgb(2, 113, 225);\n        font-size: 11px;\n        text-decoration: underline;\n    }\n\n    @media (min-width: 600px) {\n        .survey-response .border-fix {\n            border-radius: 12px;\n            border: 1px solid var(--light-divider-normal, #E5E7EB);\n            background: var(--light-background-main, #FFF);\n            padding: 0px\n        }\n    }\n\n    .survey-response .chart-container {\n        min-height: 250px;\n        border-radius: 12px;\n        border: 1px solid var(--light-divider-normal, #E5E7EB);\n        background: var(--light-background-main, #FFF);\n        padding: 15px;\n    }\n\n    .google-visualization-tooltip {\n        pointer-events: none;\n    }\n\n    @media screen and (min-width: 960px) {\n        .survey-response.u-grid {\n            margin-left: auto;\n            display: flex;\n            justify-content: space-between;\n            margin-right: auto;\n        }\n\n        .u-grid__col.chart-container {\n            margin-left: 0 !important;\n            margin-right: 0 !important;\n        }\n    }\n\n    .survey-response .table-container {\n        overflow-x: auto;\n        max-width: 800px;\n        display: block;\n    }\n\n    @media screen and (max-width: 959px) {\n        .survey-response .table-container {\n            display: block;\n        }\n\n        .source-container {\n            margin-left: 2rem;\n            margin-right: 2rem;\n        }\n    }\n\n<\/style><h4>Finder survey: Do you agree that you know enough about stocks and shares to invest?<\/h4><div id=\"scale-surveys-10011-4165\" class=\"survey-response u-grid u-grid--gutterLarge\"><div id=\"view---noslice-\" class=\"u-grid__col u-1\/2@s u-1\/1 aligncenter size-full chart-container\"><\/div><style>\n\t\t\t#scale-surveys-10011-4165 text,\n\t\t\t#scale-surveys-10011-4165 svg text,\n\t\t\t#view---noslice- text,\n\t\t\t#view---noslice- svg text {\n\t\t\t\tfont-family: 'Modern Era', sans-serif !important;\n\t\t\t}\n\t\t<\/style><script type=\"text\/javascript\">\n\t\t\t\t(function() {\n\n\t\t\t\t\tvar packageToLoad = 'corechart';\n\t\t\t\t\tvar eventName = 'GoogleChartsLoaded-' + packageToLoad;\n\t\t\t\t\tvar event = new Event(eventName);\n\n\t\t\t\t\tdocument.addEventListener(eventName, function() {\n\t\t\t\t\tconsole.log('called event!', eventName);\n\n\t\t\t\t\tfunction drawChart() {\n\t\t\t\t\t\tvar chartType = 'pie';\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tvar data = google.visualization.arrayToDataTable([\n\t\t\t\t\t\t\t['Response', ''],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t['Strongly disagree', 28.2],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t['Somewhat agree', 22],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t['Neither agree nor disagree', 20.93],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t['Somewhat disagree', 18.9],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t['Strongly agree', 9.98],\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t]);\n\t\t\t\t\t\t\n\t\t\t\t\t\tvar options = {\n\t\t\t\t\t\t\tlegend: {\n\t\t\t\t\t\t\t\tposition: 'none'\n\t\t\t\t\t\t\t},\n\t\t\t\t\t\t\tcolors: ['#1D53FF', '#00B2FF', '#FFD23B', '#C3F53C', '#B469FF', '#FF73A9', '#1DD751', '#DB2420', '#E5F7FF', '#FFF9E5', '#EEF5DC', '#F2E5FF', '#FFE5EF']\n\t\t\t\t\t\t};\n\n\t\t\t\t\t\tvar chart;\n\t\t\t\t\t\t\t\t\t\t\t\tchart = new google.visualization.PieChart(document.getElementById('view---noslice-'));\n\t\t\t\t\t\t\/\/ Pie chart specific options can go here\n\t\t\t\t\t\toptions.chartArea = {width:'100%',height:'100%'};\n\t\t\t\t\t\t\n\t\t\t\t\t\tchart.draw(data, (chartType == 'pie') ? options : google.charts.Bar.convertOptions(options));\n\t\t\t\t\t}\n\t\t\t\t\t\tdrawChart();\n\t\t\t\t\t});\n\n\t\t\t\t\tfunction init() {\n\t\t\t\t\t\tconsole.log('calling init', eventName);\n\t\t\t\t\t\tif (typeof google !== 'undefined' && google.charts) {\n\t\t\t\t\t\t\tconsole.log('found charts', google, packageToLoad);\n\t\t\t\t\t\t\tgoogle.charts.load('current', {'packages':[packageToLoad]});\n\t\t\t\t\t\t\tgoogle.charts.setOnLoadCallback(function() {\n\t\t\t\t\t\t\t\tdocument.dispatchEvent(event);\n\t\t\t\t\t\t\t});\n\t\t\t\t\t\t} else {\n\t\t\t\t\t\t\tconsole.log('retrying');\n\t\t\t\t\t\t\tsetTimeout(init, 100);\n\t\t\t\t\t\t}\n\t\t\t\t\t}\n\t\t\t\t\tinit();\n\t\t\t\t})()\n\t\t\t<\/script><div class=\"u-grid__col u-1\/2@s  u-1\/1 aligncenter size-full border-fix table-container\"><table class=\"luna-table js-tablesorter tablesorter tablesorter-default\" role=\"grid\"><thead class=\"luna-table__header\"><tr><th>Response<\/th><th><\/th><\/tr><\/thead><tbody class=\"luna-table__body\" aria-live=\"polite\" aria-relevant=\"all\"><tr><td><span class=\"row-color-icon\" style=\"background-color: #1D53FF;\"><\/span> Strongly disagree<\/td><td>28.2%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #00B2FF;\"><\/span> Somewhat agree<\/td><td>22%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #FFD23B;\"><\/span> Neither agree nor disagree<\/td><td>20.93%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #C3F53C;\"><\/span> Somewhat disagree<\/td><td>18.9%<\/td><\/tr><tr><td><span class=\"row-color-icon\" style=\"background-color: #B469FF;\"><\/span> Strongly agree<\/td><td>9.98%<\/td><\/tr><\/tbody><\/table><\/div><div class=\"u-grid__col u-1\/1 source-container\"><span class=\"source\">Source: Finder survey by Censuswide of  Brits, December 2023<\/span><\/div><\/div><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\"><p>All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you\u2019re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.<\/p><\/div><\/article><br \/>","protected":false},"excerpt":{"rendered":"<p>We explain the different account types that you&#8217;ll come across when signing up with an investment platform. <\/p>\n","protected":false},"author":885,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[130093],"tags":[],"asset_tag":[],"class_list":["post-462935","post","type-post","status-publish","format-standard","hentry","category-share-trading-glossary"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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