Total newbie. No idea about money…that’s why I signed up here and promote IFG to others too.
I do not understand what the ISA option does on the Wahed Invest website.
They state you can put £20K into ISA per year. Some questions about that:
In simple terms (as I am totally financially illiterate ) does this mean if I put £10K into an account now in Oct 2020, I can put another 10K in at any stage in the next 12 months and still reap the benefit of the ISA i.e. I don’t have to put in the full £20K now do I.
In terms of the benefit of the ISA, does it mean what ever ‘profit’ it makes over a 12 month period, I do not have to pay tax on it (as long as I do not invest more than £20K).
If I put £30K into the ISA during the next 12 months, I would have to pay tax on the profit I make on that extra £10K I put in? So it’s better to wait until the following year and then put it into the new £20K allowance I will get for ISA investments?
Hope these questions make sense.