The yearly limit for a mini-cash ISA investment is £3000. Does this mean at the beginning of a new tax year I can invest an additional £3k, making the balance £6k+?
And also, once you start earning interest on the ISA, the value goes up to beyond £3000. If you this value (say £3150) at the end of the year in the same ISA account, is this now exceeding the limit?
2007-01-30 21:54:09 · 11 answers · asked by teary chocolate 3 in Business & Finance ➔ Investing
Each new tax year you can invest £3000 regardless of how much is in that account. The interest does not count towards this, it is simply the amount that you are putting in that counts.
2007-01-30 21:58:08 · answer #1 · answered by Princesspoison 3 · 0⤊ 0⤋
Try to remember the rules regarding ISAs - the 3k limit is the amount which you can invest which will accrue tax free interest. So, if you have 3k in a mini ISA, you will get the interest tax free on it. If you were to put another 3k in at the beginning of a new tax year, you would actually have two 3k lump sums accruing tax free interest.
The interest that you accrued in the previous tax year will also be earning interest, but this will not be tax free. A standard practice is to put in the maximum amount allowable (3k per year) and to move the interest accrued annually into a separate ISA, meaning that both the lump sums AND the interest accrue more interest tax free!!!
2007-01-30 21:59:35 · answer #2 · answered by PETER G 3 · 2⤊ 0⤋
You can go on adding to your ISA each year. You are just limited to 3000 in any one year for a cash ISA. So at beginning of April, just put some more in. The interest will keep being added each year.
2007-01-30 22:04:51 · answer #3 · answered by VWat22 2 · 0⤊ 0⤋
Yes, in the new tax year you can start another mini cash ISA, but it does not have to be with the same company, although it could be. So the balance would be £3,000 + £3,000, strictly speaking.
No, interest is not counted in the limit, only the initial investment is limited.
2007-02-03 07:41:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The limit is on the amount of money you can invest into the ISA each year - nothing to do with the balance of the ISA.
2007-01-30 21:58:43 · answer #5 · answered by paj21 2 · 0⤊ 0⤋
Yes, you can invest a maximum of £3,000 every tax year so you can invest another £3k in April, or spread it throughout the year.
You don't need to worry about interest earned, as it's only what your paying in that counts towards your limit. Hope this helps!
2007-01-30 22:14:17 · answer #6 · answered by ? 6 · 2⤊ 0⤋
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2016-05-23 22:19:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
the limit you can invest each year is £3000 so if you have £3000 in there already it doesnt matter as long as you dont put more than 3 grand in this tax year
2007-01-30 22:06:30 · answer #8 · answered by richardwales79 3 · 1⤊ 0⤋
You can invest 3K every year, starting from date of first investment. Interest etc doesn't affect that.
2007-01-30 22:01:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You take out a new ISA each year. The interest is transferred into your nominated account once a year.
2007-01-30 21:58:48 · answer #10 · answered by MinaF 3 · 0⤊ 1⤋