£20k per year?

subjecttocontract

ColdIron said:

born_again said:

Brie said:

£20k in 23/24
another £20k in 24/25  etc

It's been £20k a year for some time so perhaps some government will up this limit at some point.

I thought that they were looking at a cap on the limit (£100K) you could save in a ISA, & be tax free.

That's unsubstantiated speculation on what might happen with an incoming Labour government. Of course they could do it but for a whole host of reasons most believe it is extraordinarily unlikely

To balance the argument some of us think it's highly likely that a Labour Government will do all sorts of things that will negatively affect the better off including introducing a cap on ISA savings !

badmemory

born_again said:

Brie said:

£20k in 23/24
another £20k in 24/25  etc

It's been £20k a year for some time so perhaps some government will up this limit at some point.

I thought that they were looking at a cap on the limit (£100K) you could save in a ISA, & be tax free.

They may be looking but they haven't done it yet.  Now if they are going to make it retrospective that is a whole other story.  But at the moment we still have 24/25 to go at.

Reed_Richards

rigby44 said:

slinger2 said:

And it doesn't have to go into the same account. You can open a new one if you want.

Thanks.

So if I keep the same account the balance will look as follows:

23/24 - £20k
24/25 (now) - £40k
25/26 - £60k

And it’s all tax free?

Sounds to good to be true, doesn't it?  But it is true.

Ayr_Rage

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Fees with HL for ITs are only £3.75/month and trading costs are reasonable.

Ocelot

ColdIron said:

born_again said:

Brie said:

£20k in 23/24
another £20k in 24/25  etc

It's been £20k a year for some time so perhaps some government will up this limit at some point.

I thought that they were looking at a cap on the limit (£100K) you could save in a ISA, & be tax free.

That's unsubstantiated speculation on what might happen with an incoming Labour government. Of course they could do it but for a whole host of reasons most believe it is extraordinarily unlikely

Wasn't it just the Resolution Foundation's rehashed report that recommended that?

poseidon1

Reed_Richards said:

rigby44 said:

slinger2 said:

And it doesn't have to go into the same account. You can open a new one if you want.

Thanks.

So if I keep the same account the balance will look as follows:

23/24 - £20k
24/25 (now) - £40k
25/26 - £60k

And it’s all tax free?

Sounds to good to be true, doesn't it?  But it is true.

It's been £20k per year for over 7 years now. Indeed, maximum contributions over the last 25 years would have amassed a whopping £306,560 before any growth or interest added. 

Reed_Richards

poseidon1 said:

Reed_Richards said:

rigby44 said:

slinger2 said:

And it doesn't have to go into the same account. You can open a new one if you want.

Thanks.

So if I keep the same account the balance will look as follows:

23/24 - £20k
24/25 (now) - £40k
25/26 - £60k

And it’s all tax free?

Sounds to good to be true, doesn't it?  But it is true.

It's been £20k per year for over 7 years now. Indeed, maximum contributions over the last 25 years would have amassed a whopping £306,560 before any growth or interest added. 

Don't I know it!  And yet I am old enough to remember the pre-PEP days before any sort of tax-exempt savings schemes.  So I can sympathise with the OP not being confident that you can go on adding to the amount saved in an ISA or ISAs year-on-year.

subjecttocontract

poseidon1 said:

Reed_Richards said:

rigby44 said:

slinger2 said:

And it doesn't have to go into the same account. You can open a new one if you want.

Thanks.

So if I keep the same account the balance will look as follows:

23/24 - £20k
24/25 (now) - £40k
25/26 - £60k

And it’s all tax free?

Sounds to good to be true, doesn't it?  But it is true.

It's been £20k per year for over 7 years now. Indeed, maximum contributions over the last 25 years would have amassed a whopping £306,560 before any growth or interest added. 

Including premium bonds my other half & myself have squirreled away around £450K of tax free savings.

Amazin

Brie said:

£20k in 23/24
another £20k in 24/25  etc

It's been £20k a year for some time so perhaps some government will up this limit at some point.

I've heard rumours that they might reduce it to below £10k and they could cap the maximum amount you can keep in ISAs. 

https://www.theprivateoffice.com/news/isa-capped-at-100k

they're speculations of course but best to be aware 

gravel_2

Amazin said:

Brie said:

£20k in 23/24
another £20k in 24/25  etc

It's been £20k a year for some time so perhaps some government will up this limit at some point.

I've heard rumours that they might reduce it to below £10k and they could cap the maximum amount you can keep in ISAs. 

https://www.theprivateoffice.com/news/isa-capped-at-100k

they're speculations of course but best to be aware 

This isn't speculation, it's regurgitation of one think tank's publication to drum up business for an IFA...