ISA question?

The yearly limit for a mini-cash ISA investment is 拢3000. Does this mean at the beginning of a new tax year I can invest an additional 拢3k, making the balance 拢6k+?

And also, once you start earning interest on the ISA, the value goes up to beyond 拢3000. If you this value (say 拢3150) at the end of the year in the same ISA account, is this now exceeding the limit?

Each new tax year you can invest 拢3000 regardless of how much is in that account. The interest does not count towards this, it is simply the amount that you are putting in that counts.

The limit is on the amount of money you can invest into the ISA each year - nothing to do with the balance of the ISA.

You take out a new ISA each year. The interest is transferred into your nominated account once a year.

Try to remember the rules regarding ISAs - the 3k limit is the amount which you can invest which will accrue tax free interest. So, if you have 3k in a mini ISA, you will get the interest tax free on it. If you were to put another 3k in at the beginning of a new tax year, you would actually have two 3k lump sums accruing tax free interest.

The interest that you accrued in the previous tax year will also be earning interest, but this will not be tax free. A standard practice is to put in the maximum amount allowable (3k per year) and to move the interest accrued annually into a separate ISA, meaning that both the lump sums AND the interest accrue more interest tax free!!!

you can put three thousand in every year april i dont think there is a limit the intrest is not taken into your yearly deposit

You can invest 3K every year, starting from date of first investment. Interest etc doesn't affect that.

You can go on adding to your ISA each year. You are just limited to 3000 in any one year for a cash ISA. So at beginning of April, just put some more in. The interest will keep being added each year.

the limit you can invest each year is 拢3000 so if you have 拢3000 in there already it doesnt matter as long as you dont put more than 3 grand in this tax year

Yes, you can invest a maximum of 拢3,000 every tax year so you can invest another 拢3k in April, or spread it throughout the year.

You don't need to worry about interest earned, as it's only what your paying in that counts towards your limit. Hope this helps!

Yes, in the new tax year you can start another mini cash ISA, but it does not have to be with the same company, although it could be. So the balance would be 拢3,000 + 拢3,000, strictly speaking.

No, interest is not counted in the limit, only the initial investment is limited.