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Confused abouts ISA's.
WorldofSilence
Posts: 4 Newbie
Hello.
Could someone clear this up for me?
"Any savings or investments must be made by 5 April, the end of the tax year. Crucially, unused allowances (or portions of them) don't rollover; they are lost for good. This means an ISA should always be the first place any savings go, as after the tax year ends, any savings or investments stay within the tax-free ISA wrapper for the future, where they'll continue to earn interest. This means it's possible to have substantial amounts invested within ISA wrappers; £7,000 per year from 1999 to 2008, and £7,200 per year after that, plus the gains made in each year."
Please bear in mind, I struggle with English sometimes, as BSL (British Sign Language) is my first language.
So do I have this right in thinking. If I put in £3000 for example in an ISA today, any interest I get now will roll over into the next tax year? If for some wonderful reason I have the max amount £3600 (cash) in an ISA and if I made any interest on this pushing it over £3600 it will all be lost in next tax year?
Also is the £3600 the max I can EVER put it, regardless if I were to keep ot for 3 years? (Which I doubt cos normally get better deals for switching)
I hope that made sense?
Regards.
Mark
Could someone clear this up for me?
"Any savings or investments must be made by 5 April, the end of the tax year. Crucially, unused allowances (or portions of them) don't rollover; they are lost for good. This means an ISA should always be the first place any savings go, as after the tax year ends, any savings or investments stay within the tax-free ISA wrapper for the future, where they'll continue to earn interest. This means it's possible to have substantial amounts invested within ISA wrappers; £7,000 per year from 1999 to 2008, and £7,200 per year after that, plus the gains made in each year."
Please bear in mind, I struggle with English sometimes, as BSL (British Sign Language) is my first language.
So do I have this right in thinking. If I put in £3000 for example in an ISA today, any interest I get now will roll over into the next tax year? If for some wonderful reason I have the max amount £3600 (cash) in an ISA and if I made any interest on this pushing it over £3600 it will all be lost in next tax year?
Also is the £3600 the max I can EVER put it, regardless if I were to keep ot for 3 years? (Which I doubt cos normally get better deals for switching)
I hope that made sense?
Regards.
Mark
0
Comments
-
You are allowed to add up to £3,600 of new money to your ISA each year.
The total value of your ISA is unlimited, the only limit is on how much new money you can add to it each year. So the interest it earns can stay within the ISA and help it grow without any problem.0 -
WoS : Interest is not counted in your cash ISA contributions, you can pay in your £3600 or as much as possible each year and the interest rolls over, free from tax."When the Government borrows, the citizen has to save".
Machiavellii0 -
Snap: Reaper
"When the Government borrows, the citizen has to save".
Machiavellii0 -
Reaper!
By saying "New Money" I get it now! *grins*
In an ironic way (unless you have experience in sign?) that is the perfect signing way of describing it.
Thank you everyone for such a wonderful speedy reply.
Ok now to read the suggested Cash ISA's to use.
Mark
"It's great to save"! *Goes to find a puddle*0
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