clarification request re stocksshares isa

new

I have put £3600 into a cash ISA THIS YEAR [2008/09].

Currently I continue to subscribe £25 per month to Abbey stocks/shares isa.

That means I still have £3300 which I can still put in a new ss isa.
So I will be ok to put £50 p month in a new ss isa [eg legal and general] ?


I hope I am correct in understanding this right?

thanks for any clarification!

dunstonh

So I will be ok to put £50 p month in a new ss isa [eg legal and general] ?

No. You have allocated thee allowance to Abbey so they have to get the extra £50pm unless you transfer the Abbey ISA to L&G

new

dunstonh wrote: »

No. You have allocated thee allowance to Abbey so they have to get the extra £50pm unless you transfer the Abbey ISA to L&G

Thank you so much for that prompt reply.

This where I get confused! [I must be thick!]

So, although £3300 is still left for me to put in a ss ISA, I am wrong in thinking that at £25 per month in the Abbey ss [which was opened in 1998], which makes a total of £300 per year], I still cannot open a new £50 per month with leagal and gen?

sorry for still needing clarification!

dunstonh

You have £3600 to put into one cash provider and £3600 to put in one stocks and shares ISA per tax year. (ignoring the fact S&S can exceed £3600 if you reduce the cash bit).

So, this year you have already chosen that 1 provider by paying into Abbey. You cannot pay into two S&S providers in the same tax year.

Its not really a big deal though. The Abbey ISA is quite poor in what it offers (although L&G isnt much better). So transferring it and having just the one isnt a bad thing.

new

dunstonh wrote: »

You have £3600 to put into one cash provider and £3600 to put in one stocks and shares ISA per tax year. (ignoring the fact S&S can exceed £3600 if you reduce the cash bit).

So, this year you have already chosen that 1 provider by paying into Abbey. You cannot pay into two S&S providers in the same tax year.

Its not really a big deal though. The Abbey ISA is quite poor in what it offers (although L&G isnt much better). So transferring it and having just the one isnt a bad thing.

Thanks again! It has helped me get my head around this! It really means that by putting monthly £25 into the Abbey ISA, since 1998, I have effectively cut off my option to invest my remaining 3300, unless I transfer or close the Abbey! Given that I am very cautious, plus not a lot of savings/income, I am reviewing the situation:mad: - would like to transfer but it is diificult to know what to do. The only advantage is the £100 or so cashback from Quidco, for L and G [nned to check if it applies to transfers]!


thanks ! your replies very helpful.