The maximum amount you can save in an ISA for the tax year 2017-2018 is now £20,000. The maximum annual pension contribution is £40,000. Counterintuitively, these huge allowances are actually a disincentive for ordinary people to save. With a £5,000 ISA maximum, a modest saver had an impetus to save each year for fear of missing out; with an ISA ceiling of £20,000, anyone can postpone saving until next year.
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