Tax code adjustment + ISA question

[texaxile]

Had a letter from HMRC adjusting my tax code downwards for unpaid tax on savings interest, from what I read it means that they've decided I'm going to earn "X" amount over the £1k interest allowance in the coming year and have taxed me accordingly, or rather, adjusted my Tax code accordingly.

It's a not insignificant amount, and I have the option of contacting them to "appeal" as such.

I have no problem with that, but here's my ISA question:

I've an S&S ISA for 23/24 but my divvies have not reached anywhere near £20k, more like £8k and I have not sold or dealt any shares this year but there has been a significant gain in value since I bed and ISA'd them a year ago (almost to the day) - but I understand this gain isn't taken into account?.

Can I use the remaining amount (allowance to £20k) for a cash ISA with the building society to the max allowance of this tax year, and also, how do I go about finding how much of my allowance I've actually used without trawling through my dividend payments I've had?.


Thanks and a virtual dram of the finest and most expensive single malt to you all.

[knk]

The £20k limit is only regarding new money put into the ISA. Growth and dividends within the ISA do not count.

[Simpo Two]

Or to put it another way, you can wallop £20K every year into your ISA and however much it goes up is yours to keep tax free.

[texaxile]

Ahh...PH comes through again. Thanks guys.

So I can open a cash ISA and max out my allowance as well? - looks like I've got a chunk to play with.

I thought divvies counted towards an allowance, my mistake.

Anyway, seems that you fellas have saved me a chunk of cash. I'll wrap what I can for the remaining tax year and do the same for next in April.

Damn my infernal misunderstanding of the UK's extremely simple and fair Tax rules.

Seems like I actually owe a genuine dram of single malt now...