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ISA question
Comments
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But I've already stated I've only got 2k in there, so surely if I took that out the day before the end of the tax year, close the account then open a new ISA the next day at the new bank of choice, then surely that's better for me, time-wise?
If you are going to use no more that next year's ISA allowance minus £2K (Edit: i.e. £5,340 - £2,000 = £3,340) then closing the old ISA and transferring to a new one yourself will not lose you anything.
If, however, you might want to use more than £3,340 of next year's ISA allowance then you should let the new ISA manager execute the transfer of your current ISA for you.
Warning: In the kingdom of the blind, the one-eyed man is king.
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Thanks for explanation. Nah it'll prob go up by £2000 not any more, but the explanation now makes sense.
May just transfer it just in case
I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
If you've only deposited £2k in the current tax year, and you don't intend to add to that before April, it won't cost you anything to draw it out and pay it back into a new account before April 5th.
There doesn't seem to be any particular point in doing it at the year end."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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If you've only deposited £2k in the current tax year, and you don't intend to add to that before April, it won't cost you anything to draw it out and pay it back into a new account before April 5th.
You can contribute to only one ISA in any tax year so I don't think that would be within the ISA regs.Warning: In the kingdom of the blind, the one-eyed man is king.
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They make an exception, on condition that the first ISA is completely closed and you don't do it more than once in a tax year.Consumerist wrote: »You can contribute to only one ISA in any tax year so I don't think that would be within the ISA regs."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Otherwise known as a 'self transfer'. HMRC rules say you can't do it .... then give examples of how you can!If you want to test the depth of the water .........don't use both feet !0
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