Calculating 2013/14 ISA Allowance

withabix

I think the OP is considering transferring his 2012 ISA to a new one in 2013.

He/she is probably confused.

If you transfer a previous year's ISA, you can still invest the full year's allowance IN ADDITION to this.

There wouldn't be much point in ISAs otherwise!

MoneySavingUser

MoneySaverLog wrote: »

If enough people sign this petition it could be close on double that

http://epetitions.direct.gov.uk/petitions/38599

Number of signatures:3,244Doesn't seem to be getting many signatures

MoneySaverLog

MoneySavingUser wrote: »

Number of signatures:3,244Doesn't seem to be getting many signatures

May be needs a bit more promotion

YoungSaver20

Oh, thank you for the advice. I guess it makes sense, I have setup an ISA in the past, then a month later requested a different ISA.

However, I do have a fixed rate bond and the money (£5,600 - £5,800) is in that account, so I do have to wait until that matures which is the end of April. That is earlier than June of course.

MoneySaverLog

YoungSaver20 wrote: »

However, I do have a fixed rate bond and the money (£5,600 - £5,800) is in that account, so I do have to wait until that matures which is the end of April. That is earlier than June of course.

So you could use that to fund next years ISA then?

innovate

YoungSaver20 wrote: »

However, I do have a fixed rate bond and the money (£5,600 - £5,800) is in that account, so I do have to wait until that matures which is the end of April. That is earlier than June of course.

YoungSaver20, could you clarify something for us please.

Between April 6 2013 and April 5 2014,

1. will you have additional money (over and above the "fixed rate bond of £5,600 - £5,800") to put into a savings account?
2. if so, will any of that money be available before your existing ISA matures in June 2014? Or does is mature some other date - which date?

The point we are trying to get across is that you do not have to wait for an existing bond to mature before you can invest any new money you may have available into another ISA.

YoungSaver20

Yes, thank you Innovate.

I will have some money available by April 6th 2013, so I could add that to my ISA. I just won't have access to the full ISA allowance as that would be in my fixed-rate bond which I have to wait (in order to receive the full interest) until June 2013.

innovate

YoungSaver20 wrote: »

Yes, thank you Innovate.

I will have some money available by April 6th 2013, so I could add that to my ISA.

OK, thanks for the additional info, YoungSaver.

Glad we went over this again because you can start a new ISA on April 6 2013.

You do not have to put your new money into the existing ISA (although you can if it does allow additional payments- - - - unlikely though for a fixed term ISA)

After April 5 2013, you do not have to wait until your existing ISA matures before you can start a new ISA.

You can have a new ISA each tax year. There is nothing that says you have to combine your ISAs from previous tax year, although if you wish to do so, you can.

N1AK

MoneySaverLog wrote: »

May be needs a bit more promotion

I'd worry about that after it starts being a good idea personally though I wouldn't suggest holding your breath.

Looter

Think it's £11580, but yet to be confirmed by the Chancellor on 5 Dec in the Autumn statement.