Help please, I`m confused!

Potholer

Hi Everyone,

Basically, I took out two 3 year fixed ISA`s for the full amount (£3600 each) in January this year. Is this counted for the tax year 08/09 and means I can take out another two this year for the tax year 09/10 as I qualify for the new allowance due in October. If not, when can I do this? Any help would be appreciated as I have read the guide on this site and am still unclear as to the tax years in question.

Thank You.

Aegis

Did you subscribe to either of those fixed rate ISAs, or were they both transfers in from previous years? I only ask out of curiosity because everyone is limited to depositing into just one cash ISA per tax year. I assume that you are using your spouse's allowance as well?

Of course, the fact that you put money aside in January doesn't affect your allowance for the 09/10 tax year at all, so you should still be able to deposit money into your cash ISA for this year as well.

flossy_splodge

Potholer wrote: »

Hi Everyone,

Basically, I took out two how come 2 ? 3 year fixed ISA`s for the full amount (£3600 each) in January this year.
Each individual is only allowed ONE per tax year which runs April to April.
Is this counted for the tax year 08/09 Yes and means I can take out another two you as an individual can only take out ONE. If in fact you are taking out one for a partner, then provided it is is THEIR name then yes indeed you will each have another set of allowances from April 5th 2009 for the tax year 09/10. this year for the tax year 09/10 as I qualify for the new allowance due in October. Separate issue but believe this will allow you to 1) either ADD the additional amount to an ISA you have already taken out since April 09 or
2) open a new ISA for the current tax year and deposit the full amount in one go.
If not, when can I do this? Sorry but not sure exactly what question you're asking here?
Are you asking about the additional amount? Any help would be appreciated as I have read the guide on this site and am still unclear as to the tax years in question.

Thank You.

The most important thing here seems to be to ask you if you have taken out MORE than ONE ISA in any one tax year IN YOUR OWN NAME?
Come back to us if this isn't clear?:o

Potholer

Thank you for the clarification. I should have pointed out that one was in my name and the other in my spouses name. I take it that I can now open 2 new ISA`s at any time in the current tax year, ie this October with any provider offering the best deal.

Aegis

Potholer wrote: »

Thank you for the clarification. I should have pointed out that one was in my name and the other in my spouses name. I take it that I can now open 2 new ISA`s at any time in the current tax year, ie this October with any provider offering the best deal.

Sounds right, yes.

grumpycrab

Potholer wrote: »

Thank you for the clarification. I should have pointed out that one was in my name and the other in my spouses name. I take it that I can now open 2 new ISA`s at any time in the current tax year, ie this October with any provider offering the best deal.

I may be splitting hairs but "I can now open 2 new ISAs" should really be "We", unless you count what your spouse owns as yours. In which case does your spouse know about this? :cool:

InMyDreams

grumpycrab wrote: »

I may be splitting hairs but "I can now open 2 new ISAs" should really be "We", unless you count what your spouse owns as yours. In which case does your spouse know about this? :cool:

I think that's being overly pedantic but actually I read it the other way. That what Potholer owns, he/she considers to be his/her spouse's as he/she is putting it in an ISA in the spouse's name.

But actually, I do consider that what my spouse owns is as much mine as his. And vice versa. Regardless of who's name anything is legally in. *I* open and manage accounts (in both names) but *we* own what is in them.

Maybe he should pay me to be his financial manager (and for all the other services I provide) :cool:

Lokolo

grumpycrab wrote: »

I may be splitting hairs but "I can now open 2 new ISAs" should really be "We", unless you count what your spouse owns as yours. In which case does your spouse know about this? :cool:

He owns her so he has the right to say I.

Potholer

Whoa Peeps, I didn`t want to start an academic debate! But in answer to the interested, she does what I say... or else. LOL.

Thanx again.