Can someone settle an ISA argument?

suestew

Hi, in March myself and other half opened up an ISA each (Tax year 2012/13). I was watching Martin's show the other night and I thought that as this is a new financial year we could add to it, but other half disagrees and said we can add to it next year, can someone advise me?

Thanks

helptoyou

Hi Providing the ISA'S you have already opened allow further additions of funds (most easy access do, most fixed rates dont ) then yes the tax year runs 6th April until 5th April so you can now utilise the 2013/14 Isa allowance.

If your current ISA'S dont allow further additions obviously you can open a new one for this years allowance.

amiehall

2010 wrote: »

You can only put/add to it in that tax year.

What? This is not right. The advice above is correct

suestew

helptoyou wrote: »

Hi Providing the ISA'S you have already opened allow further additions of funds (most easy access do, most fixed rates dont ) then yes the tax year runs 6th April until 5th April so you can now utilise the 2013/14 Isa allowance.

If your current ISA'S dont allow further additions obviously you can open a new one for this years allowance.

Lovely thanks for confirming.

typistretired

This is taken from the HM Revenue & Customs site

Q. How many ISAs can I have?

A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA.

But in different years, you could choose to save with different managers. There are no limits on the number of different ISAs you can hold overtime.



A tax year runs from 6 April to 5 April in thefollowing year.

So as you put your allowance in the 2012-2013 tax year you can now open another for 2013-2014 tax year. Some people open one on the 5th April and then another on the 6th April as they are different tax years.

As previously stated you can only add to one opened in March 2013 if it allows further subscriptions. You never stated which bank/building society you opened the isa with?? You can open a new one for this tax year.

suestew

typistretired wrote: »

This is taken from the HM Revenue & Customs site

Q. How many ISAs can I have?

A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA.

But in different years, you could choose to save with different managers. There are no limits on the number of different ISAs you can hold overtime.



A tax year runs from 6 April to 5 April in thefollowing year.

So as you put your allowance in the 2012-2013 tax year you can now open another for 2013-2014 tax year. Some people open one on the 5th April and then another on the 6th April as they are different tax years.

As previously stated you can only add to one opened in March 2013 if it allows further subscriptions. You never stated which bank/building society you opened the isa with?? You can open a new one for this tax year.

I did think this was the case but had to prove it to other half. We opened an Instant ISA Issue 1 with Barclays

2010

amiehall wrote: »

What? This is not right. The advice above is correct

Sorry,I didn`t finish my post.

What I was trying to say is the allowance has to be used in that year.
If you only put in say, £4k the rest of the allowance for that tax year is lost forever.

typistretired

suestew wrote: »

I did think this was the case but had to prove it to other half. We opened an Instant ISA Issue 1 with Barclays

Yes you can carry on paying into this account this year up to £5760 and also transfer in previous years' isas. I see from the following table the more you have in the better the rate.

Barclay’s Instant Cash ISA – Issue 1
£1 to £14,999
2.10%AER/2.08% tax-free pa variable2
Includes a 12-month fixed introductory bonus of 0.80% tax-free pa2
£15,000 to £29,999
2.20%AER/2.18% tax-free pa variable2
Includes a 12-month fixed introductory bonus of 0.80% tax-free pa2
£30,000 and over
2.30%AER/2.28% tax-free pa variable2
Includes a 12-month fixed introductory bonus of 0.80% tax-free pa2
Transfer-In
Yes
Interest paid
Monthly
Access
Instant

suestew

thanks that's really useful