I know ISA's are changing shortly but I have a query on how it works at the moment.
I transferred an existing ISA in March to the Halifax. I then started contributing to it every month since then and according to the Halifax I've
£4k left in this tax year to contribute.
My question is, as I have not opened a new ISA this tax year, can I open one and contribute the remaining £4k of my allowance from this tax year?
Hope the question makes sense.
Cheers.
From tomorrow you can put another £9060 in this year you can have as many isa s as you want but can only invest in one per year.hope that answers your question.
Sorry for the dim hijack
So can you keep putting (up to you annual allowance) into the same ISA if you wanted, so it could hold £50k say over a number of years savings?
As you've put some in the ISA this year you are said to have "subscribed" to that one. You can only subscribe to one ISA in any one
year (unless you have separate cash and share ISAs I believe) so assuming they are both cash you can't open a different one until next April.
Reman you can put up to your annual allowance in an isa each year so yes you can build it up. What you can't do is put into more than one cash
isa in any tax year. You can also transfer from one ISA to another but again to only one destination in a given tax year.
Thanks gingerprince that's exactly what I needed to know.
quote:
Originally posted by ReMan
Sorry for the dim hijack
So can you keep putting (up to you annual allowance) into the same ISA if you wanted, so it could hold £50k say over a number of years savings?
Thanks :-)
quote:
My question is, as I have not opened a new ISA this tax year, can I open one and contribute the remaining £4k of my allowance from this tax year?
quote:
Originally posted by Daimo_45
quote:
My question is, as I have not opened a new ISA this tax year, can I open one and contribute the remaining £4k of my allowance from this tax year?
Yes, but the whole amount would have to be transferred and it will count as part of of the year's allowance.
Taken from my Institute of Financial Studies textbook.
quote:
Originally posted by Daimo_45
Yes, but the whole amount would have to be transferred and it will count as part of of the year's allowance.
Taken from my Institute of Financial Studies textbook.
quote:
Q. How many ISAs can I have?
A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA.
But in different years, you could choose to save with different managers. There are no limits on the number of different ISAs you can hold over time.
As MR prince says or that's what i was told by Halifax
jacko
No, I meant you have the ability to transfer from one provider to another.
quote:
Originally posted by Daimo_45
No, I meant you have the ability to transfer from one provider to another.
quote:
Originally posted by gingerprince
Not if you've already invested in an isa in the current tax year (unless transferring into that isa not out of it).
Yes, a provider is legally obliged to accept a transfer out whereas they don't legally have to accept a transfer in if they don't want.
HALIFAX are desperate for me to use my allowance by 5th April
I have some cash I could put in to it, but I'm struggling to see the point with 5 days to go.
With a 0.25% interest rate, what's the point for 5 days, I presume any extra put in would now would not even get 1 months interest?
You can put up to your personal allowance in each year. If you don't use your allowance, you lose it. If you think you're likely to have
30K to save, then you can put 15K in before April 5th and 15K in after. If you don't do it before April, then you can only put the 15K in.
So whether you use your allowance before the 5th depends on whether you plan to be able to invest 30K in the next year...
Thanks mate.
Not sure I explained as well as I could
I have £3k in this years ISA, I have £2k spare in a normal low interest savings account
Is there any point in me putting the £2k in with 5 days to go?
Ie will I get more than 50p interest or benefit, or is the £2k best left where it is nd save the bother?
Next year I'm likely to have another £2-3k to save again, but if it was £20k would that make a difference?
It depends, are you going to leave the savings in the ISA ? If not, there is probably little point.
If so you could put the extra into the ISA now and it would then be available to transfer to a better paying ISA later. If you don't put it in
this year you will need to use the next allowance and won't be able to transfer as much when you open the better paying one.
I suggest you look at Martin Lewis "moneysavingexpert" site, he explains it all in clear and simple terms.
[Edited on 31/3/15 by K13JOB]
quote:
Originally posted by K13JOB
It depends, are you going to leave the savings in the ISA ? If not, there is probably little point.
If so you could put the extra into the ISA now and it would then be available to transfer to a better paying ISA later. If you don't put it in this year you will need to use the next allowance and won't be able to transfer as much when you open the better paying one.
I suggest you look at Martin Lewis "moneysavingexpert" site, he explains it all in clear and simple terms.
[Edited on 31/3/15 by K13JOB]
You would do far better putting your hard earned into a Santanda 123 account these days 3% interest as long as you keep it more than £4000 in
credit.
My father just gets one of his pensions paid in to qualify as a wage then has a standing order to push it back back into his main account.
Yes Mark. This is the bit I'm just trying to clarify to myself.
So if my spare £2k is a already in a say 1% account, then unless im still missing something, some future advantage if I did find myself with £20k to
invest next year, then there's no (pennies) cash advantage to moving it to the ISA for this year?