Can I deposit money into last years S&S ISA?

bigfreddiel

jimjames wrote: »

Its not strictly true as pointed out by bigfreddiel. Making sweeping statements without clarifying them will only cause confusion. You cannot add more money to top up an unused ISA allowance from a previous tax year!



The OP appears to be asking if he can use his 2009/10 allowance after the end of the tax year by putting money into the account which you cannot do. At the end of a tax year the ISA allowance for that year is lost if you have not used it.

You have a £10,200 allowance for 2010/11 tax year and can invest with an ISA provider. For example if you only invest £7200 by 5 April 2011 then the £3000 additional allowance is lost and cannot be used.

As of 6 April 2011 you can then either open another ISA with a different company or add more money to the ISA already opened for the 2010/11 tax but using your 2011/12 allowance. This is an new ISA for the 2011/12 tax year and has a new allowance of £10680 (increased by inflation) which is completely separate to the ISA allowance for the previous year even if the ISA is held with the same company.

As mentioned by Mikeyorks, some companies merge ISA together for previous tax years. Others keep them separate and show each years investments separately on the annual statement in the form of ISA 2005/6, ISA 2006/7 etc. I think it helps people to understand the ISA rules detailing it in this manner.

Hurrah! Someone who actually read the question - a big cheers from bigfreddiel!

bigfreddiel

Lokolo wrote: »

I didn't read the question like this, hence my stand.

If the OP was confused it was later clarified by dtasazza so I didn't feel as though I needed to point it out.

For freddiel to then say my statement was completely wrong, it wasn't. You can use a previous ISA for this year and deposit money into it if you haven't had an ISA this year. I have never mentioned that you can use your previous year allowance for topping up old ISAs. In hindsight I would have if I read the question differently, however, as said before, dzatazza explained the situation so I don't feel as though I need to repeat what he has said.

Hmmm....... looks a bit feeble - no excuse for reading the question - which I though was very succinctly worded. Just admit it I was right and you were wrong hehehehehehe.......

Lokolo

bigfreddiel wrote: »

Hmmm....... looks a bit feeble - no excuse for reading the question - which I though was very succinctly worded. Just admit it I was right and you were wrong hehehehehehe.......

My statement wasn't wrong though. It was right, just not written in the right context

I never tried to make an excuse for misunderstand the question. But I don't say things like "You cannot add to previous years ISAs" - which isn't true.

drunknmunky

Wow, thanks for the responses everyone.

I should clarify what i meant; I will be opening and contributing towards a new ISA for 2011/2012, which judging by the responses above means I won't be able to contribute anymore to the 2009/2010 ISA. (Or the 2010/2011 ISA after April 6)

I hope that's correct!

Thanks again.

blueberrypie

drunknmunky wrote: »

Wow, thanks for the responses everyone.

I should clarify what i meant; I will be opening and contributing towards a new ISA for 2011/2012, which judging by the responses above means I won't be able to contribute anymore to the 2009/2010 ISA. (Or the 2010/2011 ISA after April 6)

I hope that's correct!

Thanks again.

That is correct.

Once the 2010/11 tax year is over, the ISA allowance for that year is gone - if you didn't use it, too bad.

And you can only contribute to one cash ISA and one S&S in each tax year, so while you can contribute to the same ISA you fed in 2009/10, that will then become your ISA for the current tax year if you put more money into it.