Cash ISA's few Questions?

Soldato
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Guys, couple of questions which some of you may know of the top of your head:)

I have been saving £200 a month in to a cash ISA. Now as I understand it they have a maximum of £3600? Early next year I will reach this limit. What happens then? Will the money I have going in to my ISA be placed in to another account? I assume that once the £3600 is reached I can no longer save any more money in to this account.
 
Associate
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The £3600 i think is a yearly limit, not sure if it's by calender year, tax year or rolling 12 month period. But after that time you can continue to add funds to it up to the limit for that year. Also any monies removed from the account are not removed from the limit that you can add to it in a year.
 
Soldato
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Thanks guys:) I knew my knowledge of my own account was poor! That means I can save as much as I like so long as I never save more than 3600 a year? :)
 
Soldato
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Thanks guys:) I knew my knowledge of my own account was poor! That means I can save as much as I like so long as I never save more than 3600 a year? :)

Yep.

You can of course save more than £3600 per year elsewhere (non-ISA accounts) which will be taxable.

Also note that from 1/4/10 the limit for cash ISAs will be going up to £5100.
 
Soldato
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I think the amount is being raised for pensioners (over 60's) by £1500 very soon if not effective now. Everyone sees this come 1st April I believe.

I'm sure I have read this somewhere and thought "Yes, can save more money in my ISA as of next year". (Beaten by Jamief above)

And yes, once you reach the £3600 you cannot put in any more until the next financial year. Mine's sat on 10.8 now, just a shame it will all be going soon to the evil mortgage lenders!
 
Associate
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I just read that from April 6th 2010 the limit will be raised to £5100 which is the level that over 50's are currently allowed. It runs by tax year.
 
Man of Honour
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Very slightly off topic. Does anyone know where you enter the interest recieved for cash ISAs on your online return? If I put under the interest received section, the calculator decucts tax. The helpdesk aren't very helpful.
 
Soldato
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Very slightly off topic. Does anyone know where you enter the interest recieved for cash ISAs on your online return? If I put under the interest received section, the calculator decucts tax. The helpdesk aren't very helpful.

I have the same problem on my online banking, it's with Natwest. I don't see the interest returned for some reason and have to look at official statements.

Meh, who knows.
 
Soldato
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With an ISA can I also suggest that you make sure the interest you get from the account is paid back into the ISA.
The interest you gain does not count towards the yearly limit, so you can in effect go over the £3600 for the year and of course it's then compound interest.
 
Soldato
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With an ISA can I also suggest that you make sure the interest you get from the account is paid back into the ISA.
The interest you gain does not count towards the yearly limit, so you can in effect go over the £3600 for the year and of course it's then compound interest.

Thats a good way to do it.

I have a few ISAs from years gone by that just sit there compounding each month. Until, of course, the end of this month when I'm moving house and they will all be wiped out :(
 
Caporegime
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Very slightly off topic. Does anyone know where you enter the interest recieved for cash ISAs on your online return? If I put under the interest received section, the calculator decucts tax. The helpdesk aren't very helpful.

I don't really think you need to bother as it isn't taxable.
 

Guv

Guv

Soldato
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Warwickshire
Very slightly off topic. Does anyone know where you enter the interest recieved for cash ISAs on your online return? If I put under the interest received section, the calculator decucts tax. The helpdesk aren't very helpful.

You don't put interest received from an ISA on your self assessment return.
 
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