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[MSE Dan]

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Full ISA Guide

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[Lukatron]

HI,

i have filled up my allocation for my cash ISA for this year, and i am now interested in the share ISA part. I would like to invest in Taiwan through this, either through a fund or through a Index Tracker of the Taiex Index? is there any way that this can be done? if so, who offers this?

thanks in advance!

[Tony2008]

Hello - now this is probably a silly question, but...
I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
Tony

[Baldur]

Originally Posted by Tony2008

Hello - now this is probably a silly question, but...
I'm a complete novice in financial matters, but finally last tax year I got organised enough to squirrel £3000 away in a cash ISA. Now it's the new tax year, do I need to open a NEW cash ISA to start getting this year's £3600 tax-free allowance, or can I just add to my existing one? I've read the main article, and every word in my existing ISA booklet, but I can't seem to find this. Many thanks,
Tony

You can do either and, if another ISA provider is offering a better rate than your existing one, you can transfer the existing ISA to that provider.

[spalding]

Certain providers do not allow transfers in

[Baldur]

Originally Posted by spalding

Certain providers do not allow transfers in

This post - http://forums.moneysavingexpert.com/showthread.html?t=401374&highlight=Kazza - shows those which accept or do not accept transfers.

[kotka4]

I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.

[RayWolfe]

You earn interest on savings account on each day that you are invested. If you close or move an account you will receive interest as follows:
number of days invested / 365 x AER
An exception may be in fixed term accounts where you may have to stay invested for the full term.

[Baldur]

Originally Posted by kotka4

I was going to open Abbey 6.25% ISA. I see their terms state that interest is paid annually on 1st March each year. I called to ask what happens if I exit and transfer to another provider in May for example - would I get my 2 months interest (for March and April) when I close the account - the man said no, you would not get any interest for those months. Does anyone know if this is correct. If it is it means that if I want to transfer next year 5th april, I would lose 1 month's interest from 1st march onwards? I am confused, as this is not a fixed term isa. If I look at A&L - they pay the annual interest on 1st January - this will mean 3 months lost interest if I move the money on 1 April 2009. Any advice from experts, have you had an experience with this? I have never transfered my ISA until now.

That's rubbish.

I have transferred ISAs from Abbey twice in the past few years - the closing balance transferred on each occasion included any interest earned from the time of opening the account until the date of transfer.

[Tony2008]

That's great, thanks very much - I'll have a quick look at other providers.
Cheers Baldur,
Tony

[Wobblybm]

Hi,

This may be a real dunces question but I have just opened a cash ISA with Barclays to take advantage of this years ISA limit, however, I have just over £3000 in an ING ISA from last year, which I would like to transfer into another ISA with say Alliance & Leicester. Can I legally do this, having just opened an ISA with Barclays with new money?

[Aegis]

Yes, not a problem at all. Transferring previous year contributions doesn't count towards your current year's contribution as long as you make sure the money is transferred and not withdrawn.

[Christopher James]

I opened a mini cash ISA last financial year (2007/08) with Halifax. I currently have about £1.50 in that account. I now wish to open another ISA with Barclays due to the better benefits.

1) Can I transfer my Halifax ISA to the Abbey Direct Issue 2 ISA AND open a Tax Haven ISA with Barclays?
1A) If I can, would I have to fill the Abbey Direct Issue 2 ISA before opening the Barclays Tax Haven ISA or is there no restriction on when I fill them?
1B) If I cannot, can I close my Halifax ISA and open the Tax Haven ISA with Barclays in the current financial year?

As you can probably deduce I am somewhat new to ISAs (£1.50 in the my current ISA for example...) so any help would be greatly appreciated!

Chris

[Baldur]

Originally Posted by Christopher James

I opened a mim cash ISA last financial year (2007/08) with Halifax. I currently have about £1.50 in that account. I now wish to open another ISA with Barclays due to the better benefits.

1) Can I transfer my Halifax ISA to the Abbey Direct Issue 2 ISA AND open a Tax Haven ISA with Barclays?
1A) If I can, would I have to fill the Abbey Direct Issue 2 ISA before opening the Barclays Tax Haven ISA or is there no restriction on when I fill them?
1B) If I cannot, can I close my Halifax ISA and open the Tax Haven ISA with Barclays in the current financial year?

As you can probably deduce I am somewhat new to ISAs (£1.50 in the my current ISA for example...) so any help would be greatly appreciated!

Chris

1. Yes.
2. 1a - If you transfer past year's funds to Abbey, you can either pay new money (i,e, this year's £3,600 allowance) into that account or into a new account NOT BOTH.
1b. It's rather pointless leaving £1.50 in an account, to which you can't add any further money this year. You can either leave it open or close it - that has no effect on the proposed new Tax Haven ISA you can still only pay £3,600 into one ISA this tax year.

[Christopher James]

Ahhh so I can't transfer my Halifax ISA to Abbey, fill it up, open one with Barclays and fill that too all in the 08/09 financial year?

I think I understand...basically I need to get down to Barclays and get that ISA open?

Chris

[Baldur]

Originally Posted by Christopher James

basically I need to get down to Barclays and get that ISA open?

Indeed you do.

[JohnsDosh]

I have an ancient dust-covered TOISA which, as I understand it, is now effectively a standard Cash ISA and can be transferred to another provider. I would intend to transfer this to a new provider and then pay in the 08/09 £3,600 cash allowance on top of this.

However, I also have an existing cash ISA from 07/08. I do not want to pay any more funds into this account due to the amount already invested but would, nevertheless, like to secure a better rate of interest.
Can I also transfer this to a second provider for 08/09 (i.e. not the provider with the transferred TOISA funds and new cash) so long as I do not pay new funds into it?

[Baldur]

Originally Posted by JohnsDosh

I have an ancient dust-covered TOISA which, as I understand it, is now effectively a standard Cash ISA and can be transferred to another provider. I would intend to transfer this to a new provider and then pay in the 08/09 £3,600 cash allowance on top of this.

However, I also have an existing cash ISA from 07/08. I do not want to pay any more funds into this account due to the amount already invested but would, nevertheless, like to secure a better rate of interest.
Can I also transfer this to a second provider for 08/09 (i.e. not the provider with the transferred TOISA funds and new cash) so long as I do not pay new funds into it?

Yes, as long as both providers/products permit inward transfers.

Transfers to the new account (new allowance + ex-TOISA funds) should be organised by the new ISA provider when you open it, there's no need for two separate transactions - you can pay in this year's allowance & complete the transfer form at the same time, if you wish.

In the case of the second tranche of funds (07/08) remember that the transfer must also be initiated by applying to & completing the transfer form of your chosen new provider, not by yourself

[JohnsDosh]

Thanks very much for that.

[mik93]

We have some ISAs. Whilst the cash is in the ISA there is no tax on it. so far so good.

When the cash is withdrawn it has the interest added.

I suppose that this has to be declared to the IR and tax paid. If tax is paid on the interest then what is the point of it being "tax free" whilst it is in the ISA ?

Its clear I'm missing something here ????