Cash isa max amount per tax year

[CoolHands]

Just checking as I don’t know. If I stick the max £20k into a cash isa now, can I stick another £20k into a different cash isa in the new financial year? Ie April 26? (Or can it go into the same original one?)

Are you physically restricted from putting more than the £20k into the isa eh if I have £40k now can I only put the first 20 into a isa now, and have to leave the remaining in a normal savings account until April?

Apols for numptie questions

[Sport_Turismo_GTS]

CoolHands said:

Just checking as I don t know. If I stick the max £20k into a cash isa now, can I stick another £20k into a different cash isa in the new financial year? Ie April 26? (Or can it go into the same original one?)

Are you physically restricted from putting more than the £20k into the isa eh if I have £40k now can I only put the first 20 into a isa now, and have to leave the remaining in a normal savings account until April?

Apols for numptie questions

Lots of rumours about changes to tax free savings in the budget. But currently you can invest £20k in an ISA in each tax year. If you already have one, the next year’s allocation can go into the same one.

[CoolHands]

Can I retrospectively fill up one I opened about 10 years ago that has like £1 in it or something? And therefor be able to stick all of it away now?

[FWIW]

CoolHands said:

Can I retrospectively fill up one I opened about 10 years ago that has like £1 in it or something? And therefor be able to stick all of it away now?

Retrospectively?
You can put your annual 20k in it.

[Inbox]

CoolHands said:

Can I retrospectively fill up one I opened about 10 years ago that has like £1 in it or something? And therefor be able to stick all of it away now?

My understanding is an un-used ISA allowance does not roll over into the next financial year.

They are use it or lose it.

[MitchT]

Inbox said:

My understanding is an un-used ISA allowance does not roll over into the next financial year.

They are use it or lose it.

That's right. You get to put £20k per year in, max. If you put £10k in this year you don't get to put £30k in next year.

[The Gauge]

And i'm sure i'm right that the £20k limit is the total amount that can be put in during the year, as in if you open one with £20k, then a few days later withdraw £1k, you cant ever put that £1k back in during that financial year as you have already paid in the maximum amount. It's how much has been paid in, not how much is in. The fact you withdrew some doesnt mean you can put it back in.

[Sport_Turismo_GTS]

The Gauge said:

And i'm sure i'm right that the £20k limit is the total amount that can be put in during the year, as in if you open one with £20k, then a few days later withdraw £1k, you cant ever put that £1k back in during that financial year as you have already paid in the maximum amount. It's how much has been paid in, not how much is in. The fact you withdrew some doesnt mean you can put it back in.

Correct.

[Simpo Two]

Sport_Turismo_GTS said:

The Gauge said:

And i'm sure i'm right that the £20k limit is the total amount that can be put in during the year, as in if you open one with £20k, then a few days later withdraw £1k, you cant ever put that £1k back in during that financial year as you have already paid in the maximum amount. It's how much has been paid in, not how much is in. The fact you withdrew some doesnt mean you can put it back in.

Correct.

Unless it's a flexi ISA.

[CoolHands]

Got it. Thanks all

[MitchT]

Simpo Two said:

Sport_Turismo_GTS said:

The Gauge said:

And i'm sure i'm right that the £20k limit is the total amount that can be put in during the year, as in if you open one with £20k, then a few days later withdraw £1k, you cant ever put that £1k back in during that financial year as you have already paid in the maximum amount. It's how much has been paid in, not how much is in. The fact you withdrew some doesnt mean you can put it back in.

Correct.

Unless it's a flexi ISA.

Correct. Flexi ISA you can take some out and put it back. I know this as I specifically opted for a flexi ISA this year to cater to my particular financial needs.

[okgo]

MitchT said:

Simpo Two said:

Sport_Turismo_GTS said:

The Gauge said:

And i'm sure i'm right that the £20k limit is the total amount that can be put in during the year, as in if you open one with £20k, then a few days later withdraw £1k, you cant ever put that £1k back in during that financial year as you have already paid in the maximum amount. It's how much has been paid in, not how much is in. The fact you withdrew some doesnt mean you can put it back in.

Correct.

Unless it's a flexi ISA.

Correct. Flexi ISA you can take some out and put it back. I know this as I specifically opted for a flexi ISA this year to cater to my particular financial needs.

I think Vanguard ISA are all flexi.

I saw mention of someone using it as a bridging loan on a forum recently.

[Countdown]

CoolHands said:

Just checking as I don t know. If I stick the max £20k into a cash isa now, can I stick another £20k into a different cash isa in the new financial year? Ie April 26? (Or can it go into the same original one?)

Are you physically restricted from putting more than the £20k into the isa eh if I have £40k now can I only put the first 20 into a isa now, and have to leave the remaining in a normal savings account until April?

Apols for numptie questions

The second lot of £20k can go into the same ISA or a different one. If you have £40k now you can only pay £20k into an ISA this year, you’ll have to wait until next April 6th to pay the rest of it in.