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How do i pay into my isa

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  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Surely if the Government issue me as an individual an allowance, then I should be able to utilise it and not lose out because a bank closes an account.

    The Government give you a Capital Gains Tax allowance of £10200 for this year ......... are you using it?

    The BM T&Cs are very clear. And it's 'purchaser beware' if you decide to initially contribute less than the allowance. With a lot of providers you don't have options ....... if you choose a fixed term / fixed rate product - your initial deposit is it.
    If you want to test the depth of the water .........don't use both feet !
  • This ISA has now been pulled but I now want to invest the remaining £2K of this years allowance.

    £2,340 of cash ISA left. You still have potentially £7,680 which you could invest in a S&S ISA of the 2011/12 allowance of £10,680 if you wanted to use it that way?
    "Every Pounds A Prisoner "
    "Loyalty to the Best Interest Rate"

    :beer:
  • Mikeyorks wrote: »
    The Government give you a Capital Gains Tax allowance of £10200 for this year ......... are you using it?

    Mike, did you mean £10,680? It was £10,200 for 2010/11, or have I got the wrong end of the stick, so to speak?
    "Every Pounds A Prisoner "
    "Loyalty to the Best Interest Rate"

    :beer:
  • financial_illiterate
    financial_illiterate Posts: 169 Forumite
    edited 25 November 2011 at 5:14PM
    alastair_h wrote: »
    Mike, did you mean £10,680? It was £10,200 for 2010/11, or have I got the wrong end of the stick, so to speak?

    Mike was possibly illustrating a point that just because you have an allowance, doesn't give you carte blanche to use it if you haven't followed the t&c's.

    But I also think Patrick Bateman has a point too, ISA providers ought to be obliged to allow customers to use their full ISA allowance, even if they have contributed to a fixed deal in the same year.

    As an idea, they could have a mandatory 0.1% interest rate on the 'extra' to put people off creating the additional administration required for a 'second' isa, but at least they wouldn't miss out on maximising their allowance for future years if they really wanted to use the full amount every year.
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    alastair_h wrote: »
    ..... or have I got the wrong end of the stick, so to speak?

    No ......... we both have! I'm not sure where I conjured up the £10200 from. I think my brain did pick up the previous ISA allowance.

    It was the CGT allowance I was referring to - which is, of course £10600 this year :-

    http://www.hmrc.gov.uk/rates/cgt.htm

    I was simply making the point - and using a very adjacent allowance which relatively few use - that's it's not the providers fault if you don't (fully) utilise an annual allowance.
    If you want to test the depth of the water .........don't use both feet !
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    alastair_h wrote: »
    Mike, did you mean £10,680? It was £10,200 for 2010/11, or have I got the wrong end of the stick, so to speak?

    The *ISA* allowance for this tax year is £10.680, with a max of 50% into a cash ISA. The *CGT* allowance for this tax year is £10600, up from £10100 last year.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
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