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    • yellowlawn
    • By yellowlawn 23rd Sep 17, 3:52 PM
    • 322 Posts
    • 93 Thanks
    yellowlawn
    How many ISA's can one person have in a tax year?

    If I have an ISA that I pay a monthly sum into, is there a monthly limit I can pay in? For example if I pay £30 pm into an ISA. Could I increase that monthly amount to £100 or £200 pm etc?
    Yellowlawn

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    • Consumerist
    • By Consumerist 23rd Sep 17, 6:11 PM
    • 4,641 Posts
    • 2,307 Thanks
    Consumerist
    How many ISA's can one person have in a tax year? If I have an ISA that I pay a monthly sum into, is there a monthly limit I can pay in? For example if I pay £30 pm into an ISA. Could I increase that monthly amount to £100 or £200 pm etc?
    Originally posted by yellowlawn
    You can pay into only one cash ISA in any tax year but you can have a cash ISA and a stocks and shares ISA into which you can pay a total of £20,000 between them in this tax year.

    If you have only a cash ISA this year and you don't want to subscribe to a S&S ISA then you can pay in a total of £20,000 throughout the tax year (i.e. until 5 April 2018).

    Edit
    I'm assuming here that you don't have a Regular Saver type ISA whose terms are set by the manager at the outset. Some institutions have linked cash ISAs e.g. a fixed and a variable which are considered by HMRC as a single ISA, by the same manager, for tax purposes.
    Last edited by Consumerist; 23-09-2017 at 6:21 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • mitco
    • By mitco 30th Sep 17, 7:07 PM
    • 1 Posts
    • 0 Thanks
    mitco
    Last year I took advantage of the £15,240 tax free investment and invested £15,240 in a Stocks & Shares ISA. This year the tax free limit has been raised to £20,000 so I am wanting to take advantage of this and add more into my Stocks & Shares ISA. However, I'm trying to work out how much more I am allowed to add to it.
    1. Is it taken from the original amount I added £15,240 - so I can add in an additional £4,760? OR
    2. It is now valued at £15,596.70, so does that mean I can only add an additional £4,403?

    On the guidance of this website, it states that I can have the maximum tax free amount plus the gains (interest or investment returns) made each year, so from that I would think I can work from the original investment and follow point 1 above and invest an additional £4,760.
    • greenglide
    • By greenglide 30th Sep 17, 8:19 PM
    • 2,862 Posts
    • 1,838 Thanks
    greenglide
    The ISA limit for 2017/2018 is £20,000. This means you can put £20,000 into ISAs this year. Previous years contributions don't reduce this.
    • ejv
    • By ejv 4th Oct 17, 5:40 PM
    • 289 Posts
    • 38 Thanks
    ejv
    I've applied to Virgin ISA this year, but haven't put a penny in as it is delayed as they want my identification documents.

    Am I allowed to apply for another provider (Charter savings with slightly better rate) and remit the savings with them?

    Should I cancel the application with Virgin before applying to another?

    Thanks in advance
    • badger09
    • By badger09 4th Oct 17, 6:15 PM
    • 5,172 Posts
    • 4,368 Thanks
    badger09
    I've applied to Virgin ISA this year, but haven't put a penny in as it is delayed as they want my identification documents.

    Am I allowed to apply for another provider (Charter savings with slightly better rate) and remit the savings with them?

    Should I cancel the application with Virgin before applying to another?

    Thanks in advance
    Originally posted by ejv
    Briefly, you can open as many cash ISAs as you wish but you can only pay 'new money' into one. As long as you haven't paid anything into your Virgin, or any other, cash ISA since 6th April 2017 then you can apply for, and pay into, one with Charter.

    Are you sure a cash ISA is the best home for your savings at the moment?
    • ejv
    • By ejv 4th Oct 17, 6:35 PM
    • 289 Posts
    • 38 Thanks
    ejv
    Thanks badger09.

    I understand the current ISA rates are terrible. However, if rates get better in future, I would be too late for the bus, isn't it
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