Convert Stocks & Shares ISA to Cash ISA

wesricho7

jimjames wrote: »

Yes that is correct.

You will have to wait until 6 April to open a cash ISA.

You may find you can get a better rate outside of an ISA though.

Alternatively if you are happy with the concept of risk why not put it in some different funds or ones for income instead? Obviously that will need to be after April too if you have already withdrawn the cash.

Thanks Jim. Just working on my options at the moment. I sold at the right time as the share volume has plummeted since i sold. I just need to find the best place for it but the Santander 123 account seems to be the best option at the moment.

cheers

noh

wesricho7 wrote: »

The value of my shares when transferred was 11,500 almost exactly. The share price of my shares rose quite significantly so they were still protected by the S&S ISA, but I sold them for way over the max allowance.

The balance is now empty in my S&S though. so does this mean I already used my allowance this year and can not use any more yes?

thanks

You had/have more than £21000 cash in the S+S ISA after the sale?
You will be able to subscribe a maximum of £5940 to a cash ISA next tax year. The rest will have to go elsewhere

wesricho7

noh wrote: »

You had/have more than £21000 cash in the S+S ISA after the sale?
You will be able to subscribe a maximum of £5940 to a cash ISA next tax year. The rest will have to go elsewhere

Yeh I was fortunate tbh. I had shares worth 11,500 in my ISA and the share price trebled. so I sold but just trying to make the most of it over the next year. The Santander account is great but only up to 20k gets interest. Just need to find somewhere else for the rest but cant open another ISA until Apr

noh

wesricho7 wrote: »

Yeh I was fortunate tbh. I had shares worth 11,500 in my ISA and the share price trebled. so I sold but just trying to make the most of it over the next year. The Santander account is great but only up to 20k gets interest. Just need to find somewhere else for the rest but cant open another ISA until Apr

You can have up to 2 Santander 123 accounts.

wesricho7

noh wrote: »

You can have up to 2 Santander 123 accounts.

yeh.. it becomes quite fiddly though as you must have 2 dd's set up on each account and have a separate £500 into each account which has not originated from Santander.

Im currently with first direct for the 6% reg savers account they offer so I cant switch either until this time next year.

I have a standing order to santander for £500 and my two mobile dd's set up there to satisfy the Santander criteria. wish I could set up another account with them but i just dont have any more dd's or an extra £500 pcm to move into it

jimjames

wesricho7 wrote: »

Yeh I was fortunate tbh. I had shares worth 11,500 in my ISA and the share price trebled. so I sold but just trying to make the most of it over the next year. The Santander account is great but only up to 20k gets interest. Just need to find somewhere else for the rest but cant open another ISA until Apr

Shame you removed the cash from your ISA. Otherwise you'd have been able to keep the £30k free from tax within it and could have diversified into funds or bonds if you didn't want to continue with those specific shares.

wesricho7

jimjames wrote: »

Shame you removed the cash from your ISA. Otherwise you'd have been able to keep the £30k free from tax within it and could have diversified into funds or bonds if you didn't want to continue with those specific shares.

I know. :-/ I never even thought of that tbh. Iv savvied myself up a little more but just abit too late. Once the shares hit the price they did that I was happy with, I sold and withdrew without even thinking that keeping the money in the ISA could have been a better option.

Oh well... thanks very much for all your help guys. Really much appreciated