ISA Allowance - im a bit lost!

CASHMONEY_3

Lokolo wrote: »

I don't think you can because this tax years money is in the ICESAVE certificate, so any of ther est of this years contributions have to go into the ICICI account.

Also 07/08 the max contribution was £3000 not £3600....

thanks for your reply

sorry my bad - just had a look at my statement i had the max allowed which was £3k and then added another 1k after that tax year

the ICICI account is a savings account and not an ISA, would this make any difference as i want to keep the icesave money in this account and open a new ISA account for new money.

CASHMONEY_3

bump (sorry)

anyone?

alastair_h

You would of course loose the tax free status of the Icesave financial years contributions for good. I know the rate looks poor at present however in time this will pick up and if you leave it in a savings account for short term gain there will be no going back after 5th August (I think this is the date your Icesave ISA must be re-invested).

Your choice - short term gain vs tax free savings which will pick up in time. Also bear in mind ICICI account is taxed and if you are a higher rate earner you loose tax free.

CASHMONEY_3

alastair_h wrote: »

You would of course loose the tax free status of the Icesave financial years contributions for good. I know the rate looks poor at present however in time this will pick up and if you leave it in a savings account for short term gain there will be no going back after 5th August (I think this is the date your Icesave ISA must be re-invested).

Your choice - short term gain vs tax free savings which will pick up in time. Also bear in mind ICICI account is taxed and if you are a higher rate earner you loose tax free.

Thanks for your input
yes thats fine - am pretty happy keeping that money in ICICI for now and losing the tax free status for the old ICESAVE money.

So i assume it's ok for me to open another ISA before april?

flossy_splodge

ukmike wrote: »

if only!!!!!!!!!

I think that might have been a Freudian slip! either that or extreme tiredness took over! Have edited my post!:T

flossy_splodge

Eco_Miser wrote: »

Once you have opened a cash ISA you can put £3600 in it each year (subject to the manager being willing to accept it, and subject to not opening another cash ISA).
Money taken out is out for good, and cannot be replaced.

Could have sworn that was what I said in post above yours!

flossy_splodge

monstermonster wrote: »

Thanks, so that does mean i only have £1903.29 allowance to put into an ISA this year then. Cool, Thats that sorted out!

Thanks would be nice to those of us that took time to help?;)

flossy_splodge

CASHMONEY wrote: »

Thanks for your input
yes thats fine - am pretty happy keeping that money in ICICI for now and losing the tax free status for the old ICESAVE money.

So i assume it's ok for me to open another ISA before april?

The rule is simple.
Only ONE cash ISA can be opened in each tax year (Ie you CANNOT split your year's allowance between a number of accounts) and ONLY a TOTAL of £3600 can be inputted to the ISA in this tax year.
These rules apply whether it's a new ISA or the SAME ISA you used last year.
An ISA is an ISA.:A

whu

flossy_splodge wrote: »

Thanks would be nice to those of us that took time to help?;)

There have been quite a few new posters on the savings thread in the last couple of days who ask a question , get a reply and then switch off - don't even say thanks on a post never mind on the thanks button - don't care about getting thanks but just think it is polite to do so

flossy_splodge

whu wrote: »

There have been quite a few new posters on the savings thread in the last couple of days who ask a question , get a reply and then switch off - don't even say thanks on a post never mind on the thanks button - don't care about getting thanks but just think it is polite to do so

I agree! :rolleyes:
I go back over my posts every so often to try and make sure I don't miss thanking anyone who has been kind enough to be bothered to reply - basic manners.
Can't guarantee I always succeed but I do make a great effort not to miss anyone:o