What does ISA ALLOWANCE mean?

to do with banks and savings etc

i think its the saving account without paying tax of it, and you cant put more than 拢3000 a year, its tax free.

It's the maximum you're allowed to save without attracting income tax on the interest earned in any one year.

It's the amount you can pay into a tax free savings account in any one tax year. If you pay more in you get clobbered for tax.

Currently a scandalously low 拢3000 for a mini cash ISA and 拢4000 for another type (I forget what it is) giving you a total of 拢7000.

Individual savings account. allowance 拢7,000 per annum.
A mini cash ISA allowance is 拢3,000 so if you take one out you can only save 拢4,000 in shares both mini & maxi ISA's are tax free. If you open a maxi ISA WITH 拢7,000 YOU CANNOT OPEN A MINI CASH ISA.

The ISA allowance means the amount of money that can be either saved or invested in a tax free wrapper called ISA.
Currently the allowance is 拢7000 per tax year. You can have a MAXI ISA which is one provider and you can put your whole allowance into stocks and shares or split that with a cash investment and that allows up to 拢3000 per tax year currently.
If you wish to use different providers you can take out mini isa鈥檚.
The allowances will increase next tax year to an overall 拢7200 with the cash component taking 拢3600, an increase of 拢600.


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