ISA QUESTION! Can you put more than 拢7000 into a stocks based ISA?

Apologies if these questions have already been answered numerous times!

I have recently, this tax year, opened an ISA account. I invested the max 拢7000 this tax year, can I now, come April 2008, the new tax year, put another 拢7000 into this? Hence having 拢14000 of investment plus gains in my ISA account?

If this is the case that a further 拢7000 can be added each tax year to an ISA, is it all covered by the tax free wrapper?

If I should be lucky enough to find an investment whereby the gains on the ammount in the ISA wrapper are more than the 拢9,200 capital gains tax limit for the 2007/8 tax year (not likely but I like to dream!!), are the gains above this limit then taxable?

Many Thanks,

James

Gem,

Thanks for your answer. Have you or anyone else any ideas on the CGT issue though?

For instance if you invest 拢7k year on year for a peroid of 5 yrs, and are earning 20% interest (or increase in value), then by the end of the 5th year your ISA account will be worth 拢62.5k and your gains for that year would be 拢10.4k, i.e. over Gorden Brown's CGT allowance of 拢9200. Therefore would that mean that the 拢1200 gains you have earned over the CGT limit would be taxed?

Yes you can put another 拢7000 into the same ISA - in the new tax year (after 5th April 2008).
You can put 拢7k into the same ISA every new tax year and it is still tax free.

EDIT: I work in an Independent Financial Advisers I know what I'm talking about. Her below has a Mini cash ISA - not a MAXI Isa.

You can definitely put money into the same ISA each tax year.

EDIT2: Just spoke to one of my colleagues - you do not get charged any tax at all on ISA's.

I hope you pick a good Product Provider and good funds - and make loadsa money! lol

The limit on my ISA is 拢3000 p/a ..... over and above is eligable for tax.
I'm unsure if different providers have different limits or if it's the same everywhere.

Contributions are the only thing that matter - ISA's held from previous years are irrelevent, so long as you don't contribute to them.