2007/8 ISA after 05.04.08

jennifergb

What happens if on 05.04.08 I haven't put in the maximum amount allowed for my 2007/8 ISA? Can I continue paying into the account until the max £3k is reached or do I have to open a brand new ISA for the new tax year and start again?

Thanks

jem16

You will lose whatever allowance you haven't used for 07/08.

Then you start afresh with a brand new allowance which is now £3600. You can either pay into the current ISA or open a new one with a different provider.

jennifergb

I popped into my local Barclays branch and they said that I could still pay into it after the deadline... I didn't think it would be true which is why I posted the message here.

Lokolo

You can put money into it. When new tax year starts you can continue to pay into your ISA but the deposit amount starts at £0 and you can then put a maximum of £3600 (as thats the amount you can put in per year from April 6th)

Mikeyorks

jennifergb wrote: »

I popped into my local Barclays branch and they said that I could still pay into it after the deadline... .

You can. But it sounds as though they were answering a different question to the one you (thought you) were asking?

Your 07-08 allowance of £3000 expires on 5th April - and you lose any unused part of it. But your new £3600 08-09 allowance starts 6th April .... and it is that you can start paying into the existing ISA. Or you can open a new ISA and pay into that if you prefer?