Lootman wrote:Last week my ISA (briefly) passed the £1,000,000 mark. This caused me to look back at this topic from almost exactly 5 years ago where I noted that my ISA at that time was worth half a million.
Given that contributions since then have been £100,000 (5 times £20,000) that assumes an uplift in value of £400,000 due to gains and dividends.
Overall this is not a stellar investment performance. But what it does tell me is that it does not have to be. A fairly mundane investment return can still get you there as long as you contribute as much as you can every year, avoid making withdrawals, and let time do the rest.
Now just hoping that the rules don't change on me.
Congratulations. However as many more surpass that milestone I suspect changing the rules will become increasingly more likely. In 2018 estimates suggest there were around 500 ISA millionaires across three or four of the major providers, once at 5,000 to 10,000 is when I suspect former Budget statements as "ISA dividends continue to remain exempt" may at first see ISA dividends become taxable, only capital gains being exempted. Perhaps followed by exit/withdrawal tax rule changes or maximum values only being exempted (first £250K/whatever - i.e. 10K state pension plus 10K from ISA income, 20K combined being seen as 'generally fair enough').