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Cash ISA - Annual Allowance & Interest Question
MickyJ
Posts: 36 Forumite
I have a question regarding annual ISA limits and interest. Lets say that you deposited the maximum amount (which, I believe, is £15,000 at the moment?) into a cash ISA at the beginning of the tax year and you opted to receive monthly interest. Wouldn't that mean that any interest added to the account would result in taking you over the annual allowance? I mean, the interest earned would technically be an additional deposit, right?
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Comments
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The allowance for 2015-16 is £15,240. Allowance only refers to the new money you deposit. Any gains / interest payments do not count towards the allowance.0
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