Are profits over 20k still tax free in a ISA

grumiofoundation

soulsaver said:

The_Fat_Controller said:

@unkle according to this article from 2019

https://www.ft.com/content/3b8e19e8-3c12-11e9-b856-5404d3811663

The maximum that anyone could have invested since ISA/PEP inception is around £320,000.

I missed the full allowance in a few years and foolishly had a couple of cash ISAs too.

Pedant allert! Not strictly true: You could have inherited ISAs in addition.

Pedantically it's alert

The_Fat_Controller said:

@soulsaver, nothing inherited in my investments and I did say "anyone could have INVESTED", so your  comment is totally irrelevant.

You could have inherited a cash ISA and then invested it?

The_Fat_Controller

OK pedants, I should have said "individually contributed"

Are you happy now ?

I'm still a happy millionaire, but not quite an ISA millionaire this week, LOL !

Billycock

The_Fat_Controller said:

OK pedants, I should have said "individually contributed"

Are you happy now ?

I'm still a happy millionaire, but not quite an ISA millionaire this week, LOL !

I know shocking returns over the last few days, I'd be blissfully happy to cash in once it climbs above a million, but that's me, to each his own. I'd actually be happy with much less come to think of it.

jimjames

Shedman said:

The_Fat_Controller said:

I am sure a few will say "you could have done much better" ..

Even so I reckon the rest of us would be more than happy with a miilion quid sitting in a tax free account 🤑👍

Absolutely. Not only are the gains free from CGT all the income is free from tax too so you could get £30k per year income from that sum with no income tax to pay. Sometimes that seems to get missed.
(Actually just checked and Witan is 2.24% so £22,400 per year tax free and not impacting any other allowances)

Tonys101

I am new to investing well new as I learnt my lesson 1 or 2 year  a ago I sold my lindsell train global equity fund cuz I was scared and it was  COVID 

FOR IT TO UP A YEAR LATER 😤

Albermarle

Tonys101 said:

I am new to investing well new as I learnt my lesson 1 or 2 year  a ago I sold my lindsell train global equity fund cuz I was scared and it was  COVID 

FOR IT TO UP A YEAR LATER 😤

You can console your self that you are not alone . Many inexperienced investors ( and maybe some experienced ones) sold out when Covid crashed the markets . 
Now you know not to do it next time !