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ISA question
Comments
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Yes, fair point see the confusion. You could only do that with £5k1 worth of cash isa from this years contribution and transfer it into a S&S ISA. I stand corrected."Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0 -
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Nothing added to my cash ISA this year......
So am I breaking the rules by adding £5k to S&S ISA this year but taking £6k out of cash ISA?
For sure I wouldn't be able to put ANYTHING else into my S&S ISA.0 -
So currently you status is:
Cash ISA: £0
S&S ISA: £5k
You have £5,100 left to put into Cash ISA.
You have £6,200 left off S&S ISA (minus anything you do put in Cash ISA this year)
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On top of this, you can also transfer Cash ISAs -> S&S ISAs. As long as you transfer using ISA Transfer Form.0 -
guitarman001 wrote: »Nothing added to my cash ISA this year......
So am I breaking the rules by adding £5k to S&S ISA this year but taking £6k out of cash ISA?
For sure I wouldn't be able to put ANYTHING else into my S&S ISA.
No, you're not breaking there rules. The Cash ISA and the Stocks and Shares ISA are 2 totally different things in this instance."Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0 -
OK awesome!
So in conclusion:
Entries this year:
£5k S&S ISA.
£0 Cash ISA.
I plan to take £6k out of cash ISA, which is allowed. However I will then no longer be able to add to either of these accounts for the remainder of this tax year.
Thanks!!0 -
guitarman001 wrote: »OK awesome!
So in conclusion:
Entries this year:
£5k S&S ISA.
£0 Cash ISA.
I plan to take £6k out of cash ISA, which is allowed. However I will then no longer be able to add to either of these accounts for the remainder of this tax year.
Thanks!!
Cash ISA withdrawal from previous years don't count for this years contributions (although these funds can't be replaced once taken out).
You could still either add £5,100 to a cash ISA or an additional £5,200 to S&S ISA for this years contribution."Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0 -
Oh!!!!! Definitely didn't know that.....
The 'rules' really are a bit complicated!
Thanks so much everybody!0
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