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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5028
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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How much savings can an individual accrue annually and can

Resolved Question:

How much savings can an individual accrue annually and can this be carried over ?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Please expand on this ..carry over of savings in what context?

Many thanks

Customer: replied 1 year ago.
Well my husband and I saved £15,000 (fifteen thousand pounds per annum) so £30,000 in our household ,could we have £180,000 saved over 6 years tax free ?
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your reply.

There is no limit to how much can be saved in general.

At present, you can save £15,240 in a tax free ISA (individual savings account). This can be saves in the form of cash ISa, stocks and shares ISA and an innovative finaance ISA, or a combination of the three.

The answer to your question is you can save £180,000 over 6 years tax free under current tax rules.

Tax free ISAs are available to individuals who are resident in the UK.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

best wishes