Trading 212 Cash ISA tax liability

EffieTrinketsWig

I am new to ISA's so apologies if this seems like a stupid question.

I opened my first ISA with Trading 212, I deposited £20,000 which I understand that the interest on this amount is tax free, if I put more money in this account will the first £20,000 remain tax free and I would only pay tax on interest on funds above £20,000?

Aidanmc

EffieTrinketsWig said:

I am new to ISA's so apologies if this seems like a stupid question.

I opened my first ISA with Trading 121, I deposited £20,000 which I understand that the interest on this amount is tax free, if I put more money in this account will the first £20,000 remain tax free and I would only pay tax on interest on funds above £20,000?

20k is the max you can subscribe to an ISA each tax year.

EffieTrinketsWig

On their website it suggests you can put more than £20,000 into the account.

eskbanker

EffieTrinketsWig said:

I am new to ISA's so apologies if this seems like a stupid question.

I opened my first ISA with Trading 121, I deposited £20,000 which I understand that the interest on this amount is tax free, if I put more money in this account will the first £20,000 remain tax free and I would only pay tax on interest on funds above £20,000?

As above, you're limited to only paying in £20K per tax year, so you can add more money but not until April 2025.

Aidanmc

EffieTrinketsWig said:

On their website it suggest you can put more than £20,000 into the account.

You can transfer in existing  previous years ISA's but 20k is max in new money

Trading 212 also has an 'INVEST' account. This is non ISA also paying 5.17% if you allow the funds to be invested in QMMF's . No FSCS protection though!

Cash ISA has FSCS protection

Isa info here https://www.moneysavingexpert.com/savings/best-cash-isa/#needtoknows

Middle_of_the_Road

EffieTrinketsWig said:

I am new to ISA's so apologies if this seems like a stupid question.

I opened my first ISA with Trading 121, I deposited £20,000 which I understand that the interest on this amount is tax free, if I put more money in this account will the first £20,000 remain tax free and I would only pay tax on interest on funds above £20,000?

You can only put £20,000 into the ISA in each tax year. On April the 6th 2025 you can deposit again up to the 20k limit.

Middle_of_the_Road

Aidanmc said:

EffieTrinketsWig said:

On their website it suggest you can put more than £20,000 into the account.

You can transfer in existing  previous years ISA's but 20k is max in new money

Trading 212 also has an 'INVEST' account. This is non ISA also paying 5.17% if you allow the funds to be invested in QMMF's . No FSCS protection though!

Cash ISA has FSCS protection

If  you were moving previous years ISA funds you would need T212 to request the transfer from the previous company.

Aidanmc

Middle_of_the_Road said:

Aidanmc said:

EffieTrinketsWig said:

On their website it suggest you can put more than £20,000 into the account.

You can transfer in existing  previous years ISA's but 20k is max in new money

Trading 212 also has an 'INVEST' account. This is non ISA also paying 5.17% if you allow the funds to be invested in QMMF's . No FSCS protection though!

Cash ISA has FSCS protection

If  you were moving previous years ISA funds you would need T212 to request the transfer from the previous company.

OP doesn't seem to have any existing ISA's.