Newbie to isas

lisyloo

Here's a source from the BBC

http://www.bbc.co.uk/news/business-11533333

TIP - if you want to find something try typing it into google

lisyloo

Once its been transfered can I still add to it at the new provider without HMRC wondering why I have used 2 providers in the same year?

You can certainly contribute the remaining allowance provided you don't exceed £5100 in the current tax year (April to April).

It is very common for people to transfer.
I do it every year to get the best rates.
No-one will wonder anything.

The only thing you have to make sure is that you don't exceed the limit. The new lender MAY not track your total contribution very well, but it's still your responsibility to comply with the rules.
So if your lender forgets to track the £1000 in your remaining allowance, you can still only put in £4100.

ryantcb

need a for dummies answer please.
I get it that I can open only 1 ISA per year and can invest a max (currently) of £5,100 into that ISA. Then next year I can open a new ISA with another provider and deposit £5,100. Can I also in that same second year put £5,100 into my original ISA so to save a total of £10,200? Or is the £5,100 per person per year regardless of how many ISA's they have?

If I move the 2 ISA's above to the same account will I be able to or will it be declined as it will be more than the £5,100?

answers for dummies please. thanks

pqrdef

All the money that you pay in during a given tax year has to stay together in one place until the end of the tax year. You can transfer it whole, but you can't split it.

The tax man is only interested in how much you pay in during a year. He puts no limit on how much you can accumulate in one account over several years, though the bank might.

jeml6

is this thread a scam or what?

why is it that people just do not understand about isa's? its so simple -

1 cash isa + 1 s&s isa per tax year
no more than £10,200 total funding
cash isa can have no more than £5,100 out of the £10,200
you can transfer cash isa to s&s isa but not vice versa

2010-11 allowance is £10,200
2011-12 allowance is £10,680

its all tax free - you do not decare it on your tax return (if you make one that is)

please no more on this subject - its all too boring - martin please post a stcky thread with these details

jen245

This is a forum for asking questions, and getting help. Just because you understand how it works, others don't. If you don't like the questions being asked, or find them too "boring", please do us all a favour, and don't respond, especially when it doesn't contribute anything to the discussion.

ryantcb

im asking again as I still don't know the answer, if you do answer please just use a yes or no..

I'm only interested in Cash ISA's here.

I get it that I can open only 1 ISA per year and can invest a max (currently) of £5,100 into that ISA. Then next year I can open a new ISA with another provider and deposit £5,100. Can I also in that same second year put £5,100 into my original ISA so to save a total of £10,200? Or is it £5,100 per person per year regardless of how many ISA's they have?

Thanks

ricky.patel89

No you cannot.

Lokolo_2

ryantcb wrote: »

im asking again as I still don't know the answer, if you do answer please just use a yes or no..

I'm only interested in Cash ISA's here.


Thanks

ricky.patel89 wrote: »

No you cannot.

Exactly. The annual subscription limit is £5100 per tax year to Cash ISA's, IF you were to deposit another £5100 in the same year into the second Cash ISA then you'd be breaking the ISA rules as you will have deposited a total of £10200. So the simple answer is No!

[STRIKE]What you can do though is deposit another £5100 into a Stocks and Shares ISA in addition to the £5100 you deposited into a Cash ISA. [/STRIKE] Edit: Just seen you were only interested in Cash ISA's!

Also, provided you are not in a fixed term ISA, you could transfer your ISA from one provider to another to get a better rate, you can do this unlimited times per year.

Hopefully this is a little easier to understand, but let us know if not as many of us on here are happy to help :T:j, unlike the rude poster on the first page!

ryantcb

aaronmanz wrote: »

Exactly. The annual subscription limit is £5100 per tax year to Cash ISA's, IF you were to deposit another £5100 in the same year into the second Cash ISA then you'd be breaking the ISA rules as you will have deposited a total of £10200. So the simple answer is No!

[STRIKE]What you can do though is deposit another £5100 into a Stocks and Shares ISA in addition to the £5100 you deposited into a Cash ISA. [/STRIKE] Edit: Just seen you were only interested in Cash ISA's!

Also, provided you are not in a fixed term ISA, you could transfer your ISA from one provider to another to get a better rate, you can do this unlimited times per year.

Hopefully this is a little easier to understand, but let us know if not as many of us on here are happy to help :T:j, unlike the rude poster on the first page!

exactly what I was after. Thank you so much