Discussion
I think i'm there !
I intended to stick 20k in an ISA and have the interest paid monthly but I now see there is no point in doing that as the interest would then be subject to tax ?
So to confirm if I open an ISA and put in 20k with the interest paid back into the ISA the interest generated is not included and wont break the yearly 20k limit ?
I can then add 20k a year making sure with interest I dont break the FSCS limit of 85k
Is it possible to have a joint ISA and put 40k in that would then be protected upto 170k ?
If the ISA has a fixed interest rate for a year and I have over 20k in there is it possible to move the money to an account with more favourable interest rates and if so will that count towards my yearly limit ? I'm guessing not ?
When the time comes to cash in the ISA I can then move all the money tax free to wherever I want ?
Cheers !
I intended to stick 20k in an ISA and have the interest paid monthly but I now see there is no point in doing that as the interest would then be subject to tax ?
So to confirm if I open an ISA and put in 20k with the interest paid back into the ISA the interest generated is not included and wont break the yearly 20k limit ?
I can then add 20k a year making sure with interest I dont break the FSCS limit of 85k
Is it possible to have a joint ISA and put 40k in that would then be protected upto 170k ?
If the ISA has a fixed interest rate for a year and I have over 20k in there is it possible to move the money to an account with more favourable interest rates and if so will that count towards my yearly limit ? I'm guessing not ?
When the time comes to cash in the ISA I can then move all the money tax free to wherever I want ?
Cheers !
OldSkoolRS said:
Have you got a source for this? That's what I do with one ISA that I've rolled previous years into and receive the interest monthly. This year's one I've left in the account until maturity, when I'll probably just move it into another ISA next tax year.
Sorry the source is just me around the internet thanks so far guys !supersport said:
Narcisus said:
I think i'm there !
I intended to stick 20k in an ISA and have the interest paid monthly but I now see there is no point in doing that as the interest would then be subject to tax ?
I suspect this is only an option if it's a fixed term so you can't withdraw any
So to confirm if I open an ISA and put in 20k with the interest paid back into the ISA the interest generated is not included and wont break the yearly 20k limit ?
Yes, if the interest is in the ISA it stays tax free
I can then add 20k a year making sure with interest I dont break the FSCS limit of 85k
Yes
Is it possible to have a joint ISA and put 40k in that would then be protected upto 170k ?
No, no such things a joint ISA it's linked to your NI number, but nothing to stop you having one each.
If the ISA has a fixed interest rate for a year and I have over 20k in there is it possible to move the money to an account with more favourable interest rates and if so will that count towards my yearly limit ? I'm guessing not ?
A partial transfer to another ISA if allowed, should be ok. If you are just withdrawing it and putting it into another one, then it will count towards your limit.
When the time comes to cash in the ISA I can then move all the money tax free to wherever I want ?
Yes, that's the point.
Cheers !
Answered in line.I intended to stick 20k in an ISA and have the interest paid monthly but I now see there is no point in doing that as the interest would then be subject to tax ?
I suspect this is only an option if it's a fixed term so you can't withdraw any
So to confirm if I open an ISA and put in 20k with the interest paid back into the ISA the interest generated is not included and wont break the yearly 20k limit ?
Yes, if the interest is in the ISA it stays tax free
I can then add 20k a year making sure with interest I dont break the FSCS limit of 85k
Yes
Is it possible to have a joint ISA and put 40k in that would then be protected upto 170k ?
No, no such things a joint ISA it's linked to your NI number, but nothing to stop you having one each.
If the ISA has a fixed interest rate for a year and I have over 20k in there is it possible to move the money to an account with more favourable interest rates and if so will that count towards my yearly limit ? I'm guessing not ?
A partial transfer to another ISA if allowed, should be ok. If you are just withdrawing it and putting it into another one, then it will count towards your limit.
When the time comes to cash in the ISA I can then move all the money tax free to wherever I want ?
Yes, that's the point.
Cheers !
Going back to this one then :
If the ISA has a fixed interest rate for a year and I have over 20k in there is it possible to move the money to an account with more favourable interest rates and if so will that count towards my yearly limit ? I'm guessing not ?
At the end of year 2 when I have 40k in is it not possible to move the whole 40k to a new ISA if the interest rate is better ?
Do I just have to withdraw the whole lot and start again at 20k with a new ISA ?
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