ISA Question

doire_2

Hello,

I had £3,000 in from last years tax year.

So far i have added £2,200 in this years tax ISA.

Thats £5,200 in there in total

I keep hearing that the max is £7,200

What does this mean? That the entire ISA can only addd up to £7,200 at any one time?

And can the £7,200 be all cash?

Thanks

whu

last year you could put 3000 in a cash isa and 3000 in a stocks and shares isa - this year it is 3600 in each type or 7200 in a stocks and shares isa ( you cannot put the whole 7200 in a cash isa)- you just add to it each year

doire_2

whu wrote: »

last year you could put 3000 in a cash isa and 3000 in a stocks and shares isa - this year it is 3600 in each type or 7200 in a stocks and shares isa ( you cannot put the whole 7200 in a cash isa)- you just add to it each year

Ahh :beer:

So this year i want to max it out = £7,600

So then i can add another £3,000 or whatever is allowed next tax year...making it £10,600?

RayWolfe

Yes, there is not upper limit to the total, provided you do not go over the annual limit.

doire_2

RayWolfe wrote: »

Yes, there is not upper limit to the total, provided you do not go over the annual limit.

Thanks for that

whu

as have put 2200 this year (I assume a cash ISA) you can put in another 1400 this tax year - next year you can put in a maximum of 3600 on top of that

Mikeyorks

doire wrote: »

So this year i want to max it out = £7,600

So then i can add another £3,000 or whatever is allowed next tax year...making it £10,600?

I think you've grasped it????? But your arithmetic needs some work

If you had £3k last year and you add the max of £3600 this year ..... that will total £6600? If you then add a further £3600 next year (09-10) .... that will total £10200?

If you're getting £10600 .... you'd better let us know who your ISA provider is ... and we'll all join.:p