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ISA rules have changed Discussion
isasmurf
Posts: 1,998 Forumite
Ok, as it seems from a few recent posts that there are some people unaware of the rule changes from April 2008 I thought a new thread was in order to allow those less familiar with them to ask any questions relating to the new rules.
This is to discuss the rules from 6th April 2008 - for rules up to 5th April 2008 please see the current FAQ.
So what's changing?
HMRC has an excellent page explaining the changes here. They also answer some FAQs, so I'd suggest you have a look there first to see if your question is answered.
In brief:
This is to discuss the rules from 6th April 2008 - for rules up to 5th April 2008 please see the current FAQ.
So what's changing?
HMRC has an excellent page explaining the changes here. They also answer some FAQs, so I'd suggest you have a look there first to see if your question is answered.
In brief:
- Annual limit for new deposits is increased from £7,000 to £7,200. This includes an increased maximum of £3,600 to one cash ISA.
- Mini and Maxi labels are abolished. There will only be Cash ISAs and Stocks & Shares ISAs.
- PEPs, Mini Stocks & Shares and the Stocks & Shares component of a Maxi ISA will become Stocks & Shares ISAs.
- Mini Cash ISAs, the Cash component of a Maxi ISA and TESSA only ISAs (TOISAs) will all become Cash ISAs.
- Cash ISAs can be transferred into a Stocks & Shares ISA.
- A new transfer application form must be completed when opening an ISA by transferring an existing ISA.
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Comments
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In the absence of any qualifying statement, I assume that the new transferability of Cash ISAs into S&S ISAs applies to existing ISAs as well as 2008/9 ISAs. Someone please correct me if I'm wrong.However hard up you are, never accept loans from your friends. Just gifts0
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As this point is new for this coming tax year, thought I would clarify something that I wasn't sure on till checked myself and others might also be wondering
From HMRC website:
Q. How much can I transfer from my cash ISA to a stocks and shares ISA?
A. You can transfer some or all of the money you have saved in previous tax years without affecting your annual ISA investment allowance.
So I guess you could invest
a) Your previous years cash investments (provided you haven't withdrawn them already!)
b) £7200 of this coming tax yrs allowance
So there could be some very big investments in the stock market this April !
With that in mind, would it be better to invest in April or a month or so after April? - bearing in mind that if everybody is able to invest more than their normal £7k limit, this would push prices up?0 -
hi can you offer any advise on buying isa`s. am i better buying online and saveing commisions and management fees thanks0
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I've just posted this on another thread but may be more appropriate here.
I intend to put £3600 into a new mini cash ISA in April. I have already saved nearly £35000 in another ISA which does not allow partial transfers out. If I move this to a better paying ISA (in April) I will have to find one which allows partial transfers out so that as further interest accrues I can stay within my safe limit. It should be possible to move ISA savings between providers in the same way as ordinary savings. Unless partial transfers are allowed across the board, my right to financial compensation will be unfairly limited and my choice of provider unfairly restricted. There must be many people now in the same position. Has anyone told Mr Darling?0 -
Heres a Table that was compiled elsewhere where people put together info they had gleaned regarding which Building Societies allow part transfers out as well as other types of transfers.
Barnsley Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Bath
Beverley Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Britannia Transfers IN: Full YES Partial NO Transfers OUT: Full YES Partial NO
Buckinghamshire Transfers IN: Full YES Partial Not known. Transfers OUT: Full YES Partial Not known
Cambridge
CatholicTransfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES *£30 Fee may apply for transfers out
Century *No ISA products*
Chelsea Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial YES
Chesham Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial NO
Cheshire Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Chorley
City of Derry
Coventry
Cumberland
Darlington
Derbyshire Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Dudley
Dunfermline
Earl Shilton
Ecology Transfers IN: Full YES Partial NO. Transfers OUT: Full YES Partial NO
Furness
Hanley Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES *At times The Hanley restricts transfers in
Harpenden
Hinckley & Rugby Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial YES * £25 fee applies for transfers out
Holmesdale Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial NO
Ipswich Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Kent Reliance Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial NO
Leeds Transfers IN: Full YES Partial NO Transfers OUT: Full YES Partial YES
Leek United Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Loughborough Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Manchester *No ISA products*
Mansfield Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial NO
Market Harborough Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Marsden Transfers IN: Full NO Partial NO Transfers OUT: Full YES Partial NO
Melton Mowbray Transfers IN: Full NO Partial NO Transfers OUT: Full YES Partial NO
Monmouthshire Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
National Counties Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Nationwide Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Newbury
Newcastle Transfers IN: Full YES Partial NO Transfers OUT: Full YES Partial NO
Norwich & Peterborough Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Nottingham
Penrith
Principality Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Progressive Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial Not known
Saffron Transfers IN: Full YES Partial YES Transfers OUT: Full YES Partial YES
Scarborough Partial YES Transfers OUT: Full YES Partial Not known
Scottish Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial NO *£30 Fee may apply for transfers out
Shepshed Transfers IN: Full YES Partial NO Transfers OUT: Full YES Partial NO
Skipton Transfers IN: Full YES Partial NO Transfers OUT: Full YES Partial NO
Stafford Railway Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Stroud & Swindon Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial NO
Swansea Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial NO
Teachers Transfers IN: Full: Not known Partial : Not known Transfers OUT: Full YES Partial YES *£30 Fee applies for transfers out
Tipton & Coseley Transfers IN: Full NO Partial NO. Transfers OUT: Full YES Partial NO
Vernon Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
West Bromwich Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
Yorkshire Transfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES
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In his NOTW column today, Martin Lewis said the following...
Once you've put the money in, you can keep it there tax free for as many years as you want, but you can't add to it. However you can open another one on top from April 6th.
Well I have been adding to mine on April 6th for a number of years bearing in mind the current limit per year.
Does anyone know what he is on about?
Thanks0 -
In his NOTW column today, Martin Lewis said the following...
Once you've put the money in, you can keep it there tax free for as many years as you want, but you can't add to it. However you can open another one on top from April 6th.
Well I have been adding to mine on April 6th for a number of years bearing in mind the current limit per year.
Does anyone know what he is on about?
Thanks
He must mean that :
U can only pay into ( subscribe) One ISA in any Tax Year
Once annual limit has been reached, it cant be added to. ( can be left to accrue interest or transferred to another provider)
If u have stayed with same provider then perhaps u are adding to total in book albeit subscribing as is appropriate in different tax years.0 -
bristolleedsfan wrote: »If u have stayed with same provider then perhaps u are adding to total in book albeit subscribing as is appropriate in different tax years.
Must be, otherwise how has snowjoke saved 35k in a single ISA. Must admit I found the MS section in the newspaper a bit confusing
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I currently have a cash ISA and a toisa.As my toisa will now become a cash ISA I will have 2 cash ISA's.Is this ok as long as I don't add money to one of them?0
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