For stocks and shares ISAs or cash ISA tax free investments, the tax-free allowance is £20,000. The tax-free allowance for lifetime ISA is £4,000, while the tax-free allowance for junior ISA or child trust fund is £9,000. For bank and building society accounts, the first £500 to £1,000 you earn from savings is tax-free, depending on your income tax bracket. Tax-efficient investments are designed to...