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Q&A » ISAs
what happens after 5/4/10? isa limit is £3600 just now & is due to increase to £5100 from april (i am under 50!) - can i top up this isa with the difference? i.e. £1500
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804Spikeyboy
You can do better than that. For example Nationwide would give you 2.75% for a 1 year bond or 3.50% for a 2 year bond.
You can transfer the whole amount or re-invest it but nothing more before April unless you have invested less than £3,600 so far this tax year.
If it is a 1 year bond which is maturing in February then that investment was made last February, so does not count against your 2009/10 allowance, so you have another £3,600 to go.
If it was a 6 month bond then the original payment counts against this year's £3,600 but not the interest that will be due.
In April you will be able to invest another £5,100 and another the following year. That is how ISAs build up into something really worthwhile.
Mike
Posted on 14 January 2010 |
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