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Annual ISA Amount
splatgold
Posts: 1 Newbie
Help! I am confused. Since April 2014 I have just over £17000.00 invested in my ISA. Obviously this exceeds the £15000.00 limit, but my Bank informs me that this is allowed as the £15k is an annual limit, i.e., I can invest 15K each and every year. Is my Bank correct, as I don't think this point is made very clear in reading material?
regards
splatgold
regards
splatgold
0
Comments
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The bank is correct. The ISA limit is based on how much new money you transfer into ISAs each tax year.0
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I suppose it depends what you've been reading and where but the MSE article on cash ISAs starts with "Everyone over 16 in the UK can save up to £15,000 in a cash ISA a year" [my bolding] as the very first sentence!I don't think this point is made very clear in reading material?0 -
There are people with over a million pounds in ISAs (link). Not very many - you have to have been paying in for a long time and been very clever and/or lucky with your investments - but they do exist.
Your bank is correct = £15000 is the maximum you can transfer into an ISA in this tax year. Next tax year (ie beginning on April 6th) you'll be able to transfer in another £15240.0 -
Is my Bank correct, as I don't think this point is made very clear in reading material?
regards
splatgold
Do you have a link to the bank's information? It should be very clear to any customers so not a good situation if that isn't the case.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Your bank is correct = £15000 is the maximum you can transfer into an ISA in this tax year. Next tax year (ie beginning on April 6th) you'll be able to transfer in another £15240.
Transfer isn't the word to use in this situation, subscribe is (or pay in).
Transfer is used specifically for moving money from an existing ISA, and can be for any amount (even a million pounds if you've got it) and has no effect on the annual allowance.
There's enough confusion about ISAs without using a specific term in a general way.Eco Miser
Saving money for well over half a century0
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