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ISA: £3k now, £3k in April, will I be earning interest on £6k?
xClarencex
Posts: 4 Newbie
Hello peoples, how is everyone today?
I would like to know whether putting £3,000 pounds into an ISA now, and another £3,000 in April (beginning of tax year) will then have me earning tax free interest on £6,000 pounds total?
I'm not one hundred percent sure if it will. And if it wont, then I'll put the other £3k elsewhere.
Thanks!
I would like to know whether putting £3,000 pounds into an ISA now, and another £3,000 in April (beginning of tax year) will then have me earning tax free interest on £6,000 pounds total?
I'm not one hundred percent sure if it will. And if it wont, then I'll put the other £3k elsewhere.
Thanks!
0
Comments
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You will earn on the 3k now but will not accrue tax free interest on the other 3k until the new tax year.
Its a bit early to be submitting double tax year applications. Most providers will not accept them until late Feb/Early March.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi, thanks for you reply!
So I will be earning interest on £6k after April 6th 2006, yes?0 -
Yes. You will accrue interest on whatever the balance in the ISA actually is at that time. Because the second contribution cannot go in until the 6th, it will not accrue before then.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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