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Help To Buy counts towards Savings Allowance?
ryno1
Posts: 3 Newbie
The only ISA I have is a Help To Buy one. Will the money received by the government into this ISA contribute towards my £1000 a year tax free Personal Savings Allowance? (PSA)
If so, it would mean I need to quickly open an ISA before midnight tonight as I would have already received the maximum interest from the help to buy ISA.
Thanks
Thanks
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Comments
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No, the PSA is for taxable interest, the Government bonus is not interest, nor is it taxable. If the HTB ISA is your only ISA, then you will still have plenty of your £20k annual ISA allowance available, but the HTB ISA is a cash ISA, so you would not be able to open and fund a different cash ISA in a tax year you have contributed to your HTB ISA (unless using a split-ISA offered by some providers).
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