Stocks and Shares ISA

Oldbiggles

LongTermLurker wrote: »

OP is talking S&S, not cash - if you're invested in individual shares, you can sell them when you want, though you obviously want to sell when the price is high. If you're invested in funds, the same rules apply, but you might find property funds won't actually give you the proceeds for 6 months as they're not so easy to dispose of.

Sorry, that's sad - the thanks button should be used to say the content of the post is accurate and useful. I always wonder about ppl who ask for thanks...

Whoops! I stand corrected on all counts. It just goes to show just how complicated the whole ISA scheme has become. Even those of us who have invested in them since year one are still having problems understanding the darn things. :embarasse

The only reason I mentioned the 'thanks' button was because many people like yourselves who offer good advice have no way of knowing if the original questioner has seen your response. Perhaps there should be another button 'Message received'.

Smack on the wrist received.

LongTermLurker

Smack on the wrist received.

And graciously thanked

M271

I have for the last 7 years had a regular saving monthly contribution Stocks and Shares ISA with Legal and General, 3 times I have also taken out additional lump sum contributions that show on my L&G account separately. I suppose that because it is with the same provider and type of ISA then this is OK even though it shows like separate sub-accounts within an overall account.

cloud_dog

M271 wrote: »

I have for the last 7 years had a regular saving monthly contribution Stocks and Shares ISA with Legal and General, 3 times I have also taken out additional lump sum contributions that show on my L&G account separately. I suppose that because it is with the same provider and type of ISA then this is OK even though it shows like separate sub-accounts within an overall account.

You need to check with them.

Does the account allow additional 'top up' controbutions?

Does the entries for the lump sums appear under the same header on the ISA statement even if sepetate to the monthly entries.

Is/was it a maxi or mini ISA?

Does the additional lump sum's put you over your annual ISA contribution allowance, i.e. 12 x monthly amount + lump sums, is it greater than the annual allowance (£10200 in total for this year)?

If you are able to make the additional deposits in your ISA plan generally I would expect to see the 'top ups' just as an entry in a list of investments, for example, 1st of every month £100, 15th June 2009 £1000.

M271

I do not go above the annual maximum limit.

I think that Legal and General treat any lump sums as a 'top up' within an overall ISA account, all my statements show the regular payments and each of my 3 lump sum payments separately but total them up together as well. They have to show them separately I suppose because the market price of the funds at the time of purchase change all the time.

So in other words I have a Stocks and Shares ISA account with L&G but within the account I have different sub-investments. I can also swop my accumulated funds between L&G ISA funds partially or wholley within the account as well at any time.

cloud_dog

M271 wrote: »

....all my statements show the regular payments and each of my 3 lump sum payments separately but total them up together as well.

In which case I;m not sure what your original query related to? You appear to have satisfied yourself that all deposits / investments are within your ISA umberella.

moo_juice

TBH, I wouldnt touch Scottish Friendly with a barg pole. Dad has a S&S ISA policy with them, theyve just told him to withdraw it he has to lose 15% MVA, the only way to avoid it is to wait until the policy is 10yrs old. Mothers policy is 10yrs old, but they have told her on the phone she will have to lose 20% MVA!!! only because she should have cancelled it on the 10yr aniversary (its now 10yrs 3months old!) I told them to write to the FSA about that.