ISA related question

dtokez

dtokez

dtokez

Associate
Joined
10 Jan 2009
Posts
1,891
Hi guys,

I've been hit by the taxman from some savings interest I've had in a couple of accounts. I've been reading up on ISAs - I do have an active loyalty ISA with HSBC which I started lumping some money in last August.

I'm aware of the 20k annual limit which runs from April to April, my question is - is the limit per calendar, by that I mean if I can I finish topping up the 20k before the end of financial year, then come the 2026 financial year can I immediately lump another 20k in?
 
dtokez said:
Hi guys,

I've been hit by the taxman from some savings interest I've had in a couple of accounts. I've been reading up on ISAs - I do have an active loyalty ISA with HSBC which I started lumping some money in last August.

I'm aware of the 20k annual limit which runs from April to April, my question is - is the limit per calendar, by that I mean if I can I finish topping up the 20k before the end of financial year, then come the 2026 financial year can I immediately lump another 20k in?
Click to expand...

Rachel has reduced the cash ISA limit to 12k if you are under 65 years old. Yes you can top up to 20k this year and after the end of this tax year in april have another 12/20k allocation.

I had a similar situation and it took a couple of years for HMRC to sort themselves out with the fact that i was not recieving the same interest each year.
 
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Basically on the last day of FY 2025 ytou can deposit 20K, then the very next day deposit another 20K, as long as no other deposits are over those 2 years. Indeed, if you have the surpos assets, making the dpeosit on the very 1st day of the new FY is the best time to maximize compound growth of the tax-free allowance.
 
Yes 20k per financial year (I'm over 65, it would be 12k otherwise, with effect from 2027). I've been putting the maximum allowance into peps, tessas (for runners to ISAs) since 1999 and have 446k saved.

MSE Forums is a good place to ask questions and moneyfactscompare.co.uk is a good place to view the best rates on offer. There is a sort drop-down and it might be best to select rate.
 
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Belly said:
Yes 20k per financial year (I'm over 65, it would be 12k otherwise, with effect from 2027). I've been putting the maximum allowance into peps, tessas (for runners to ISAs) since 1999 and have 446k saved.
Click to expand...
If only you invested it, you'd have millions..
 
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