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Mini and Maxi ISA
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OMski
Posts: 37 Forumite
Hi Guys
A quick question > I have an mini cash ISA account and I have used up the allowance, and I plan to do so next ISA tax year too - can I also open a mini stocks and shares ISA while having my mini cash ISA?
From what I understand > I can save £3k in mini cash ISA and £4k in mini stocks and shares ISA? - I know that you can't save in both a mini and maxi ISA in one tax year, but can have a mini cash and stocks and shares ISA.
Hope I made sense
OMski
A quick question > I have an mini cash ISA account and I have used up the allowance, and I plan to do so next ISA tax year too - can I also open a mini stocks and shares ISA while having my mini cash ISA?
From what I understand > I can save £3k in mini cash ISA and £4k in mini stocks and shares ISA? - I know that you can't save in both a mini and maxi ISA in one tax year, but can have a mini cash and stocks and shares ISA.
Hope I made sense
OMski
0
Comments
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but can have a mini cash and stocks and shares ISA.
yes you can.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks dunstonh
What confused me was that both Mini and Maxi ISAs seem to have cash and stocks and shares!0 -
mini isas and maxi isas are the same in where they can invest. Only difference is that maxi allows £7000 but mini allows £4000 and with a mini you can also have a mini cash ISA of £3000.
The mini/maxi classification can be confusing and is being removed soon. Could be as early as april this year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for that dunstonh
I will go for the mini stocks and shares ISA as I already have a mini cash ISA
My next question is > the £4000 maximum, is this the total profit I can make from sales of shares during that tax year. For example, if I wanted to sell shares in company x, I would have to make sure the sale didn't exceed £4000?
Is there any limit on the amount I can invest in mini stocks and shares?
Sorry if these questions are trivial or silly
OMski0 -
the limits on buying ISAs are not related in any way with the gain you might make. There is also no capital gains tax on ISAs. As long as you dont exceed the annual 7K, your ISA holdings can be as large as you like.
Mike0 -
No, the limit is on the contribution, not the profit.OMski wrote:the £4000 maximum, is this the total profit I can make from sales of shares during that tax year. For example, if I wanted to sell shares in company x, I would have to make sure the sale didn't exceed £4000?
Yes, £4000 per year. Any profits made from sales and dividends within the ISA don't count toward the limit.Is there any limit on the amount I can invest in mini stocks and shares?0
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