Removal of Mini/Maxi ISA distinction

dunstonh

HL cant but thats a limitation of HL and not the rules. Other providers have no problems doing it.

pbw

so does removal of the maxi/mini distinction mean that in effect people can choose to save £7k in a "mini" ISA instead of the current limit of 3k?

thanks for your help

Ian_W

pbw wrote:

so does removal of the maxi/mini distinction mean that in effect people can choose to save £7k in a "mini" ISA instead of the current limit of 3k?

thanks for your help

No, AFAIK it means there won't be a "mini" ISA!
Each tax year you can deposit up to £3K in cash and £4K in stocks & shares, though I'm assuming, as I've seen nothing to the contrary, that you will still be able to use different providers for the different elements.
You still won't be able to put more than £3K in cash, if that's what you're asking.

pbw

Ian_W wrote:

You still won't be able to put more than £3K in cash, if that's what you're asking.

that indeed was what i was asking. thanks

savingforoz

mroller wrote:

Any news from HL?

I asked them some time ago to lump my Mini and Maxi Shares Isa and they told me that they can't.

The treasury announced today that the new rules will take effect in April 2008, I dont want to wait for another year to merge my Isa :-(

Yes, you CAN do this with Hargreaves Lansdown- I clarified it with them yesterday. What I need to do to consolidate mine is to give them written instructions just prior to the end of the tax year. They will then roll my 2005/06 Mini into my 2006/07 Maxi, reday for the start of 2007/08, and I can then revise my standing order to include the funds currently in the Mini ISA, which at present I can't contribute to. So for 2007/08, I will have all my funds in one place, and can contribute to all of them with the full £7,000 funding. As this means writing to them in only about 6 weeks time, it will all happen pretty soon, so that's good.

mroller

I just called them and they said it's not possible until the new legislation comes into force in April 2008.
we probably spoke to different people at their call center

dunstonh

As has been mentioned, there is no legislation that comes in force in April 08 that stops them doing that now. It is a limitation of their system.

Selestia and Cofunds do not do this. Fidelity can do it both ways (list it all as one or show each years segment individually)

I'm surprised at HL. Their response reminds me of the sort of rubbish you get out of insurance companies as a reason for not doing something which they cant do but everyone else can. Then again, if it was call centre staff, then the is probably the problem.

savingforoz

mroller wrote:

I just called them and they said it's not possible until the new legislation comes into force in April 2008.
we probably spoke to different people at their call center

Try them again mroller - there was some confusion initially about what exactly I meant, I think they thought I was referring to the removal of the mini/maxi distinction when I said I wanted to roll my mini into my maxi. When I made it crystal clear that it was the old 2005/06 mini fund that I wanted to consolidate with the current 2006/07 maxi fund, they said it was possible, so long as I did it in the way I've already described, ready for 2007/08 and before any funding went in to either for 2007/08. I have it in writing from them and will be writing mid March to get it sorted.

mroller

Thanks dn and foroz,

There is no point in calling them again, I will just wait until mid-march as you foroz and send them a letter explaining what I want in plain english and big caracters. Hope they will be able to do it then.

savingforoz

Update on this - I wrote off mid March to ask them to do this, and called today to make sure everything was in hand, and they confirmed that it was. They just need to wait until the start of 07/08 to do it. Result! :beer: