Quick ISA question

bad_bob00

Hi,

I've got an Easy Access ISA with the Portman.
I'm trying to invest the maximum possible before the tax deadline, and i'm just wondering how much this is (I know its £3,000 officially) as i've invested and withdrawn some money during the past few months.

I invested £90 and a month later withdrew £1000, this is the only activity in my account since last april.
Does this mean the max I can pay in is £3910? (£3000 yearly allowance plus £1000 I withdrew minus the £90 I already invested)

Or have I lost the right to cover my last withdrawal? - In which case I can only pay in £2910 (£3000 allowance minus the £90 I paid in already).


Thanks for any help, sorry if I haven't made much sense.
Matt

milla

The allowance for each year is £3000.

If you have already paid £90 in this year (2006/07 )then the most you can pay in now before 5th April is £2910.

LittleVoice

The £1000 you withdrew must have been from your previous year's savings and interest (or at least £910 must have been) so that doesn't affect your savings this year.

From your £3000 allowance for this year you have paid in £90 and therefore can pay in a further £2910. This applies whether or not the £90 was included in the £1000 you withdrew.

bad_bob00

Ahh okay thanks - so the £1000 I withdrew is ignored when it comes to my 'investment allowance'? So that means I can pay in a max of £2910?

Thanks for the help.
Matt

milla

bad_bob00 wrote: »

Ahh okay thanks - so the £1000 I withdrew is ignored when it comes to my 'investment allowance'? So that means I can pay in a max of £2910?

Thanks for the help.
Matt

That's right !