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Interest paments on NISA
MrBoo
Posts: 1 Newbie
I have just invested the full 15000 allowance into a new ISA and the first monthly interest payment has gone into the same fund taking it over 15000. Will this affect the tax allowance?
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Comments
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I have just invested the full 15000 allowance into a new ISA and the first monthly interest payment has gone into the same fund taking it over 15000. Will this affect the tax allowance?
It sounds as if you have a cash ISA, in which case it is savings, not investments. However, any gain in an ISA (cash or S&S) is tax free - that is essentially the entire point of ISAs.
The ISA allowance refers to the amount of new money you are allowed to deposit into an ISA each year. There is no such thing as a "tax allowance".0 -
No, it doesn't matter if the balance goes above 15000. The key thing is you cannot deposit more than £15k. Interest payments are not included in the amount so you will gain on accrued interest over the year.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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