daft question about ISA limits

bs0u0128

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

christhesparky_2

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

christhesparky_2

sorry didnt read the question properly, over 10 years the 30k will be tax free

torbrex

The interest earned is also tax free as long as you leave it in the cash isa.

trixibelle_2

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.