Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
    • tanith
    • By tanith 4th Mar 08, 4:21 PM
    • 7,902 Posts
    • 8,468 Thanks
    tanith
    • #2
    • 4th Mar 08, 4:21 PM
    • #2
    • 4th Mar 08, 4:21 PM
    You can keep it open and open another one in April , also you could transfer the old one into the new one with the better interest rate.. but make sure you transfer it as you will lose the benefit if you close it down...
    #6 of the SKI-ers Club

    "All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke
  • free4440273
    • #3
    • 4th Mar 08, 4:23 PM
    • #3
    • 4th Mar 08, 4:23 PM
    You can indeed keep your Smile one open; and open up another (in April) cash ISA (up to £3,600)
    BLOODBATH IN THE EVENING THEN? OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!

    THE KILLERS

    THE PUNISHER MATURE CHEDDAR ADDICT
    • HelenaP
    • By HelenaP 5th Mar 08, 11:53 AM
    • 10 Posts
    • 3 Thanks
    HelenaP
    • #4
    • 5th Mar 08, 11:53 AM
    A similar question - not taxed on old ISA?
    • #4
    • 5th Mar 08, 11:53 AM
    I had a similar question, so rather than reposting I'll add it here. I have an ISA from the last tax year (06/07) which I left open and opened a new one for 07/08. However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed. Do you think there is something I needed to do to tell them that the money in there isn't part of my £3000 tax free for this year? (Hope that makes sense!)
  • debbie42
    • #5
    • 5th Mar 08, 12:21 PM
    • #5
    • 5th Mar 08, 12:21 PM
    However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed.
    Originally posted by HelenaP
    That's exactly what you'd expect. Once an ISA is set up and funded then the cash is sheltered from tax for coming years. That's why you read about people transferring old amounts into new ISAs and building up substantial tax free amounts.
    Debbie
    • adecor
    • By adecor 5th Mar 08, 12:22 PM
    • 262 Posts
    • 153 Thanks
    adecor
    • #6
    • 5th Mar 08, 12:22 PM
    • #6
    • 5th Mar 08, 12:22 PM
    I had a similar question, so rather than reposting I'll add it here. I have an ISA from the last tax year (06/07) which I left open and opened a new one for 07/08. However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed. Do you think there is something I needed to do to tell them that the money in there isn't part of my £3000 tax free for this year? (Hope that makes sense!)
    Originally posted by HelenaP
    As you are aware, you are allowed to open a new ISA every tax year. Any ISA's from previous years will still benefit from being tax free on any interest earned. It is only when you close that account you lose the tax free benefit. If you want to transfer previous years to a new ISA you will also keep your tax free benefit.

    Hope that makes sense.
    • HelenaP
    • By HelenaP 5th Mar 08, 12:48 PM
    • 10 Posts
    • 3 Thanks
    HelenaP
    • #7
    • 5th Mar 08, 12:48 PM
    • #7
    • 5th Mar 08, 12:48 PM
    Ah thats great I hadn't understood that. I had thought it was literally just the £3000 each year. Thanks!
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

743Posts Today

5,211Users online

Martin's Twitter