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R01 ISA Questions

Dxm87Dxm87 Member
in CPD & Exams

Just wondering if anyone can answer this question that's on revisionmate

Janet and John have twin children aged 15 and they want to maximise their ISA contribution. To date in 2018/19, only John has contributed into an ISA making a payment of £1,800. What is the maximum ADDITIONAL amount they are able to contribute if they are to maximise the family's contributions into ISAs?

Seems pretty straightforward but I just can't get the figures to match the answer on revisionmate. I must be missing something here.

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  • Andy_SchleiderAndy_Schleider Member

    You need to include the children's total ISA allowance of £4,260 each. As they are not yet 16 they can't have a 'normal' ISA, so it's Janet and John's allowances to be added. By my calculations, it works out as £8,520 + £40,000, less the £1,800 already paid. Hopefully that should leave £46,720

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  • Dxm87Dxm87 Member

    Thanks I did know about the child ISAs but I have no idea what I was putting in the calculator then as I get the same figure as you now, brain must have been fried last night haha.

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