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Help with an ISA.
Maldwyn.L
Posts: 3 Newbie
Do I have to take the interest that I have earned on my ISA out at the end of the year. As this will be over the 20K allowance. Or can I keep the capital 20+ interest in the same account for the next financial year
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Comments
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The £20K allowance only relates to how much you can pay into ISAs, so interest doesn't count towards this and can be left to compound and accumulate within the account.1
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In new tax year you can then add another £20k to existing ISA or transfer all to a new provider, if you find a better rate, but must use new provider to initiate transfer to maintain ISA status.0
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Maybe would be a good idea spending half an hour reading through this forum as a good way to get up to speed with ISA rules, as there are lots of similar questions asked regularly.Maldwyn.L said:Do I have to take the interest that I have earned on my ISA out at the end of the year. As this will be over the 20K allowance. Or can I keep the capital 20+ interest in the same account for the next financial year2
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