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  1. #1
    Enthusiast bad_bob00
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    ISA - How Much Can I Deposit Per Year?

    Hi there,

    I was just wondering how much money are you allowed to put in your ISA account per year? I read somewhere it was £3000 but then read that you are limited to £1000 after the year 05/06

    Also are you allowed to have more than one ISA account? If so, are you limited to £3000 per ISA account, or combined?


    Thanks
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  2. #2
    Contributor peps2004
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    You can add either (per tax year):

    * Up to £3000 in a cash mini ISA & up to £4000 in a stocks & shares mini ISA, or

    * Up to £7000 in a stocks & shares maxi ISA.

    However, you're not limited to having a maximum of £3000 in a cash ISA forever - if you'd used your ISA allowance every tax year since they became available and added the allowance to the same ISA each year, you could have something like £30,000+ in a cash ISA by now.

    From what I can remember, a change was announced in the last budget increasing the amount that can be put in a cash ISA in the future (I think to £4000?) - not sure when that takes effect though.[/i]

  3. #3
    Contributor peps2004
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    n.b. the £3000/£4000/£7000 limits relate to the maximum deposits every tax year. i.e you can't deposit £3000 into a cash ISA, withdraw £1000 and then re-deposit another £1000 in the same tax year.

  4. #4
    Enthusiast bad_bob00
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    Thanks very much.

    Out of interest, how long have ISA's been available? I'm guessing its quite a long time, considering you could have £30,000 in an ISA.

    Is that about £2000 interest a year?
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  5. #5
    Contributor sjhawkuk
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    Quote Originally Posted by peps2004
    From what I can remember, a change was announced in the last budget increasing the amount that can be put in a cash ISA in the future (I think to £4000?) - not sure when that takes effect though.
    The cash limit is being increased to £3600 per year, at the start of the next tax year (April).

  6. #6
    Contributor peps2004
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    Quote Originally Posted by bad_bob00
    Thanks very much.

    Out of interest, how long have ISA's been available? I'm guessing its quite a long time, considering you could have £30,000 in an ISA.

    Is that about £2000 interest a year?
    Just had a look and they've been available since 6 April 1999. If you'd put in £3000 on 6 April every year in an account paying 5% every year (wouldn't have happened, but just an example) you'd now have £30079.69 if my maths is correct. As some ISAs now pay 6%+, you could be looking at £1804 interest over the year.

  7. #7
    Moderator Chadwick will become famous soon enough Chadwick will become famous soon enough
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    Quote Originally Posted by sjhawkuk
    Quote Originally Posted by peps2004
    From what I can remember, a change was announced in the last budget increasing the amount that can be put in a cash ISA in the future (I think to £4000?) - not sure when that takes effect though.
    The cash limit is being increased to £3600 per year, at the start of the next tax year (April).
    They're also doing away with "maxi" and "mini" ISAs. There will just be "cash" and "stocks & shares" ISAs. Up to £3600 in a cash ISA, and up to £7200 in a S&S ISA per year, subject to a combined maximum of £7200 (ie. if you put £3000 into a cash ISA, you can only put £4200 into an S&S ISA, to make a total of £7200).

    http://news.bbc.co.uk/1/hi/business/6475891.stm

  8. #8
    Expert visaria
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    Quote Originally Posted by peps2004
    Quote Originally Posted by bad_bob00
    Thanks very much.

    Out of interest, how long have ISA's been available? I'm guessing its quite a long time, considering you could have £30,000 in an ISA.

    Is that about £2000 interest a year?
    Just had a look and they've been available since 6 April 1999. If you'd put in £3000 on 6 April every year in an account paying 5% every year (wouldn't have happened, but just an example) you'd now have £30079.69 if my maths is correct. As some ISAs now pay 6%+, you could be looking at £1804 interest over the year.
    I have £30k+ in my cash ISAs (have 2 of them, different providers). I reckon I've just kept up with inflation rather than made anything.

  9. #9
    Expert TOPCAT57
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    Yes the Cash ISA is increasing to £3600 wef the next tax year which starts in early April.

    One of the Building Soceitys told me the stocks&shares ISA is staying at £4k.

  10. #10
    HB
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    Quote Originally Posted by TOPCAT57
    One of the Building Soceitys told me the stocks&shares ISA is staying at £4k.
    Hmm. Some staff training required, methinks.
    Sterling Forever.


 

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