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Does Cash ISA Interest count towards the following years limit
tomjonson
Posts: 6 Forumite
Hi,
I have a question regarding Cash ISA's, hopefully I can explain it right -
If last year I had 20k in a cash isa and it generated tax free interest. For example £100. The new amount is £20,100.
Would this £100 contribute towards this years £20,000 limit. For example I can only put £19,900 into a new ISA. Or the full £20k
In short - does the previous years Cash ISA Interest count towards the next years 20k limit.
I hope this makes sense!
TJ
I have a question regarding Cash ISA's, hopefully I can explain it right -
If last year I had 20k in a cash isa and it generated tax free interest. For example £100. The new amount is £20,100.
Would this £100 contribute towards this years £20,000 limit. For example I can only put £19,900 into a new ISA. Or the full £20k
In short - does the previous years Cash ISA Interest count towards the next years 20k limit.
I hope this makes sense!
TJ
0
Comments
-
No, the interest doesn't count, so you can still contribute a further £20k if you want to.1
-
Thank you for clearing that up for me0
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