We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Why can you only have £3k in an ISA ?
Rochdale_Guy
Posts: 1,710 Forumite
Don't understand at all.
I work full time like most of you, pay tax and NI contributions yet we are taxed on our savings
Am new to these ISA thingies, great news that its tax free, but why only £3,000 ?
Baffled. ??? >:(
I work full time like most of you, pay tax and NI contributions yet we are taxed on our savings
Am new to these ISA thingies, great news that its tax free, but why only £3,000 ?
Baffled. ??? >:(
.
0
Comments
-
Sorry, I meant to say we're taxed on our normal savings (like my ING a/c) yet then they give us all £3,000 to save in an ISA tax-free ?!?!
That means any tax payer is mad to have a normal savings account (yes, it took me long enough to find out about the existance of ISA's !!! :-[ ).0 -
3k is the limit for cash ISA. full stop.
look elsewhere for rules you can bend or break.
mess ith this one and the taxman'll getcha!
0 -
Well, I think you've answered your own question really. The Government wants to limit the amount of tax they lose through ISAs. ISAs cost the Chancellor almost £1bn in lost tax in 2003-04. Ok small in the grand scheme of things but just think how many schools could be refurbished with that or how many doctors and nurses could be recruited.
Yep, you're right there.That means any tax payer is mad to have a normal savings account (yes, it took me long enough to find out about the existance of ISA's !!! :-[ )0 -
That means any tax payer is mad to have a normal savings account
Until you've used your ISA allowance. Once you've put £3K in for the year, normal savings accounts are still a good thing.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
they give us all £3,000 to save in an ISA tax-free
If only they did!3k is the limit for cash ISA. full stop.
Its the limit this year and next. Then it will be £1000. Eventually it will be £0.0 -
You could save £7k in a Maxi Isa - but that would all have to be invested in stocks & shares. The other option is the Mini Isa which is split £3k Cash, £3k stocks & shares and £1k insurance0
-
Well, I think you've answered your own question really. The Government wants to limit the amount of tax they lose through ISAs. ISAs cost the Chancellor almost £1bn in lost tax in 2003-04. Ok small in the grand scheme of things but just think how many schools could be refurbished with that or how many doctors and nurses could be recruited.
Yep, you're right there.
Yeah and think how many buerocrats he could wase 1 billion on ;DCharles J0 -
Yeah and think how many buerocrats he could wase 1 billion on ;D
Or how much he could top up MP pensions....
I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
Or how much he could top up MP pensions....
More like his pensionCharles J0 -
Yes, it is depressing that ISA allowances are only 1k, 3k or 7k, but going down in April 2006 :'(
On the bright side though, hopefully there will be a tax-free successor to the ISA when it eventually goes, like the ISA was to the TESSA
Yet, it is ridiculous that the government is allegedly "encouraging us to save" but then restricting the ability to do so tax-free from April 2006 >:(
LeiaI want to be a good saver, but I find it difficult to control my temptation to spend .
I owe £1,247 more than I have in savings .
.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards