Hi, I understand that at present I can have £3000 a year in a Cash Mini ISA, but when this matures, can I keep the 2007/2008 amount running along side another £3000 for 2008/2009 allowance? Or do I have to close the current account in order to re-invest next year? ie. Next year, I could have £6000 in total, then £9000 invested, then £12000 etc. or is £3000 the maximum at any time? Thanks very much.
2007-09-02 22:50:15 · 4 answers · asked by jimmy-boy 3 in Business & Finance ➔ Investing
Hi, Mini Cash ISAs never mature - you will be able to keep the account open for ever unless the government abolishes them. You're allowed to put up to £3k into the account in each tax year and there's no upper limit on the account balance. So as you invest more, both the lump sums and interest attract further interest.
2007-09-02 22:59:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't need to close your ISA every year. You can have ISA's with up to three providers but the maximum you can invest each tax year is currently £3000. If you take any money out you cannot replenish it so yes, after three years you will have £9000 invested in your ISA and earn tax free interest on the whole sum.
2007-09-03 00:14:50 · answer #2 · answered by CountTheDays 6 · 0⤊ 0⤋
The ISA allowance is cumulative: HMRC puts a restriction on how much you can put into your ISA in the first place, but not how much you can hold in it. So you can keep building it up every year, without having to cash in last year’s investment.
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find an IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.
2007-09-02 23:30:21 · answer #3 · answered by Unbiased.co.uk 5 · 0⤊ 0⤋
No need to close account just put another £3000 in or you may open another with a different provider. See where you get the best interest rate.
2007-09-02 23:02:22 · answer #4 · answered by Grandad 4 · 0⤊ 0⤋