ISA question

guitarman001

Hi,

If I remove £6k from my cash ISA, can I still put the full amount in the S&S ISA? Or am i restricted to the full amount minus the £6k?
Just out of interest.

Thanks!

alastair_h

You could transfer money from cash ISA into a S&S ISA and still be able to add the full Cash ISA entitlement of £5,100. Or transfer 6K for example and top it up with a further £4,200 using you complete years entitlement.

guitarman001

But if I wanted to take £6k out of the ISA and put it into NS&I index-linked certificates... later in the year am I limited as to how much I can put into my S&S ISA? I think I'm right in saying this would bar me from putting the £5.1k into the cash ISA again (not that I'm going to), but not too sure about S&S ISA....

alastair_h

Yes, you'd only be able to put the difference back into the S&S ISA i.e. 10,200 - 6000 = £4,200 available to contribute to this years S&S ISA

I am assuming you have £6K currently in a S&S ISA from this years allowance??

guitarman001

I have put £5k into a S&S ISA this year, nothing into my cash ISA.

Does this mean I can even take £6k out, as that would technically total £11k!?

alastair_h

guitarman001 wrote: »

I have put £5k into a S&S ISA this year, nothing into my cash ISA.

Does this mean I can even take £6k out, as that would technically total £11k!?

Er no. You can only take out £5k (unless you have previous years contributions available). This would allow you to add £5,200 back into your S&S ISA later if you wanted to.

guitarman001

What I mean is - I added £5k to a S&S ISA this year. That's all I have in the account.
If I take £6k out of the cash ISA, technically if I turn back time this means I could only put in £10.2k - £6k = £4.2k. But I put a whole £5k in this year.
Confused - sorry

Lokolo

Alatair is confusing matters as you cannot put £6K into a Cash ISA anyway so you couldn't have used £6k Cash ISA allowance.
You have put £5k into S&S ISA this tax year.
How much have you put into Cash ISA this year?

alastair_h

guitarman001 wrote: »

What I mean is - I added £5k to a S&S ISA this year. That's all I have in the account.
If I take £6k out of the cash ISA, technically if I turn back time this means I could only put in £10.2k - £6k = £4.2k. But I put a whole £5k in this year.
Confused - sorry

You have £5k in S&S ISA from this years contribution - yes.

What do you have in a cash ISA from 2010/11 financial years contribution?

Or is cash ISA from previous year?

alastair_h

Lokolo wrote: »

Alatair is confusing matters as you cannot put £6K into a Cash ISA anyway so you couldn't have used £6k Cash ISA allowance.
You have put £5k into S&S ISA this tax year.
How much have you put into Cash ISA this year?

I was talking about S&S ISA, 6K and topping it up by 4k2 to use years entitlement.

Lokolo

alastair_h wrote: »

I was talking about S&S ISA, 6K and topping it up by 4k2 to use years entitlement.

But you stated the OP can move £6k from Cash and top it up by a further £4,200, which is slightly misleading as the OP can transfer £6k and top it up by £10,200 if they haven't used any allowance.

Wasn't sure if this £6k is from which year.