Budget: £15000 ISA Limit from 01/07 for Cash OR S&S

Archi_Bald

It is essentially no different to how it has always been. I think it is a doddle to keep a record of how much you deposited into which ISA - you could even look it up on your ISA statements. Far from what I would term a nightmare.

If you do go over the limit, accidentally or otherwise, the HMRC will pull you up after they have received the annual reports from the ISA providers. Depending on how much and how often you have bust your allowance, their reaction will be more or less severe. In any case you shouldn't assume that you will ever be able to benefit from depositing more than your annual allowance.

badger09

Consumerist wrote: »

This is all starting to look like [an] admin nightmare.

If you can open a cash NISA with one provider and an S&S NISA with another provider then neither provider will know when to pull up the drawbridge for deposits when you have reached the £15,00 overall limit on the two combined.

If you accidentally go over the combined limit, how will this be picked up [and by whom]?

But that is exactly the situation now - except the current limit is £11520, of which max £5760 can be in cash :cool:

Consumerist

badger09 wrote: »

But that is exactly the situation now - except the current limit is £11520, of which max £5760 can be in cash

Ok, thanks. Haven't had an S&S ISA so didn't realise that.

mduefy

Hi,

Just wondered if anyone had any advice please.

I have fully subscribed to my cash ISA for this year. With the new ISA changes, I was wondering if it would be worth putting some money into the cash park/holding fund of a stocks & shares ISA with the intention of transferring it into the new cash ISA when they become available. Alternatively, would I be better using the money to pay off my mortgage (approx 4% - Buy to let)?

I'm not talking huge sums of money, but would like to try & make the best use of it. Sorry if there is an obvious answer (I've not had a stocks & shares ISA before either.)

Thanks in advance.

bowlhead99

mduefy wrote: »

Hi,

Just wondered if anyone had any advice please.

see answer on the other thread you've now opened, cheers
https://forums.moneysavingexpert.com/discussion/comment/65069350#Comment_65069350

blizeH

Sorry if this is a silly question, but can someone please clarify that I can (for example) top up a Monmouthshire Cash ISA, and also open a new ISA with Charles Stanley and pay into that too?

I know a lot of talk is about it becoming the one ISA, but does that mean just in terms of the limit and being able to transfer freely between investments?

Thanks

jimjames

blizeH wrote: »

Sorry if this is a silly question, but can someone please clarify that I can (for example) top up a Monmouthshire Cash ISA, and also open a new ISA with Charles Stanley and pay into that too?

I know a lot of talk is about it becoming the one ISA, but does that mean just in terms of the limit and being able to transfer freely between investments?

Thanks

Yes you can. This hasn't changed and has been the case for the last 15 years or so.

You can only put the difference between what you put into your cash ISA and £11520 into S&S ISA though. SO if you maxed out your cash ISA you can put the same into the S&S one.