ISA account

Jaybuck

Hi All,

I have recently cancelled and ISA that was taken out to pay off my mortgage in 16 years time. The reason that I cancelled it was to pay off debt that I had occured as it seemed pointless paying into it when I could inject the funds into clearing off my debt quicker.

I am now at the point where I want to open up a high yield ISA again to save some money to pay off the mortgage. The question I want to ask is that as I understand it I can have £3600 per fiscal year tax free savings in an ISA. Does the money that I have paid in for the motgage ISA get taken off of this limit? Also is there any way to find out how much of my limit I still have available?

Thanks for your help.

TomsMom

I have recently cancelled and ISA that was taken out to pay off my mortgage in 16 years time.

The ISA that you cancelled - was it one you opened with your 2008/09 ISA allowance and if so how much had you got in it? Or did you add your 2008/09 allowance to an ISA you already held?

The question I want to ask is that as I understand it I can have £3600 per fiscal year tax free savings in an ISA. Does the money that I have paid in for the motgage ISA get taken off of this limit?

If you've paid anything into your ISA for the year 2008/09 then yes it comes off your 2008/09 limit of £3,600 for a cash ISA.

Also is there any way to find out how much of my limit I still have available?

If you've paid into your 2008/09 ISA surely you know how much, have you kept a record?. Take that off your £3,600 limit and you have the answer.