ISA limit increase over 50's

david78

BruceyBonus wrote: »

Nationwide get away with it as I believe they report your total ISA subscriptions across all your accounts with them as just being one single ISA - which it is, just made up of several components.

Yes, I think Nationwide just group all their different "accounts" under one umberella "Cash ISA account". As far as I know all cash ISA providers can do this if they want to. I think it makes administration more complicated though so some don't allow it.

The point I was trying to make earlier was if you open a fixed rate account with one of these providers ("the ISA manager"), you can just open another account with them later on in the year and put more money in that. They "pool" all the accounts and treat it as one big cash ISA. The allowance is split across all the accounts, of course so you must respect this limit.

gcl1959

How can I post a question?
Who can advise? To receive net monthly interest of £1000., how much does the capital deposit need to be?

jennifernil

That depends on the interest rate and your tax band.

For a basic rate taxpayer to get £12000 per annum you need £15000 gross.

At say 3% interest you would need to deposit £500,000.

Hungerdunger

gcl1959 wrote: »

How can I post a question?

You need to go to the forum which is most suitable for your question.

Just above the list of current threads is a button which says "New Thread". Click on it and away you go. It is considered bad manners to start a new question in the middle of an existing thread as it just confuses matters having two separate discussions going on at the the same time.

BruceyBonus

Petition is now live at http://petitions.number10.gov.uk/under50sisa/

Please sign if you believe it was unfair on both individuals and the banks/building societies to introduce the new allowance for over 50s in this tax year, whilst making everyone else lose out on the extra allowance for this year.

Also, please sign if you are over 50 and believe this was unfair.

Thank you very much