daft question about ISA limits

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
4 replies 742 views
bs0u0128bs0u0128 Forumite
429 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
please move if in wrong place :)

but with a mini isa, you get £3k allowance

now does this mean, each year you can add £3k tax free, or you can put however much in, and only have the first 3k tax free?

ie over ten yrs, could i have £30k sitting there tax free, or £3k tax free and £27k taxed?

many thanks :)

Replies

  • christhesparky_2christhesparky_2 Forumite
    351 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    ISA allowance is 3k a year only, so im afraid you can only pay in 3k in any tax year, unless you also get a stock and shares ISA then you have a tax free limit if 7k
    However im sure i read somewhere that the limit on a cash ISA will be going up to 3.6k in the future
    Last Cigarette 24/6/09
  • christhesparky_2christhesparky_2 Forumite
    351 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    sorry didnt read the question properly, over 10 years the 30k will be tax free
    Last Cigarette 24/6/09
  • torbrextorbrex
    71.3K Posts
    10,000 Posts Combo Breaker Rampant Recycler Hung up my suit!
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    The interest earned is also tax free as long as you leave it in the cash isa.
  • ;) New to this, so may be in wrong place on thread. I purchased an ISA from Barclays at 6.5% at the end of March - I now find after much correspondence and phone calls that they put me on a lower ISA of 4.75% - how can they be allowed to do this - who else can I speak to about it, I am unable to get any info from bank.
    Anyone got any advice on this - much appreciated.
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