£20k per year?

subjecttocontract

Anything is possible with a Labour Government. Wales is under Labour control and all I hear is bad news.....20mph speed limits, house prices falling by almost 7%, adverse changes to the rental market etc.

slinger2

subjecttocontract said:

Anything is possible with a Labour Government. Wales is under Labour control and all I hear is bad news.....20mph speed limits, house prices falling by almost 7%, adverse changes to the rental market etc.

Can't quite get the connection between ISAs and 20mph speed limits. Perhaps I'm just a bit slow.

subjecttocontract

slinger2 said:

subjecttocontract said:

Anything is possible with a Labour Government. Wales is under Labour control and all I hear is bad news.....20mph speed limits, house prices falling by almost 7%, adverse changes to the rental market etc.

Can't quite get the connection between ISAs and 20mph speed limits. Perhaps I'm just a bit slow.

Yes, perhaps you are.
The thread suggested there was a Labour idea to cap ISAs. Many thought this was unlikely, even impossible.
I was pointing out that Wales is Labour controlled and full of negative stories.
Vote Labour and you could get anything.

Reed_Richards

Or Scottish Nationalist.  20 mph limits in parts of Scotland now.  If they can cut your maximum speed to 20 mph then it's just as easy to cut your maximum ISA subscription to £13,33.33.

slinger2

Shock Horror. I live on a 20mph street in England!

Reed_Richards

So it must be a labour-run council where you live?

slinger2

Correct. Don't know why the stupid folk here keep voting for them.

Still not sure what this has to do with ISAs.

jimjames

rigby44 said:

slinger2 said:

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

If I’m able to keep putting it £20k per year? I have a 5% savings account with Chip! at the moment but I’ll have to pay tax on that at some point, so makes sense to keep as much in an ISA as I can?

The Chip ISA pays more than the savings account so better in that respect too

Ocelot

subjecttocontract said:

Anything is possible with a Labour Government. Wales is under Labour control and all I hear is bad news.....20mph speed limits, house prices falling by almost 7%, adverse changes to the rental market etc.

They generally did ok last time (foot and mouth scandal and illegal wars aside). There were four years of budget surplus and, even after the global financial crisis (caused by American banks) the national debt was only around a third of the current mess we have.

jimjames

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

It's not even speculation about Labour government. It was a report by Resolution Foundation saying that ISAs were not the best way to encourage saving amongst those that don't and that capping at £100k would allow resources to be directed elsewhere.

https://www.resolutionfoundation.org/publications/isa-isa-baby/#:~:text=We estimate that the total,households as interest rates rise.