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Mini to Maxi Isa Transfer?
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meggles
Posts: 196 Forumite
for the 2006-2007 tax year the boy currently has:
£3000 into Barclay's Mini Cash Isa
£5000 into Fidelity Mini S&S Isa (£1000 from 2005-06).
He wants to move this to H&L ISA. However, starting next year (2007-08), he wants to have a single Maxi S&S Isa.
Questions-
1- Can he transfer his Fidelity Mini S&S Isa into a H&L Mini S&S Isa now, and then switch to a Maxi S&S Isa on 6-Apr-08?
See what I'm getting at?
£3000 into Barclay's Mini Cash Isa
£5000 into Fidelity Mini S&S Isa (£1000 from 2005-06).
He wants to move this to H&L ISA. However, starting next year (2007-08), he wants to have a single Maxi S&S Isa.
Questions-
1- Can he transfer his Fidelity Mini S&S Isa into a H&L Mini S&S Isa now, and then switch to a Maxi S&S Isa on 6-Apr-08?
See what I'm getting at?
0
Comments
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Next year there will only be a Cash ISA and a Shares ISA, so the mini/maxi distinction disappears.0
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so if he trasfers this to a H&L Mini S&S ISA now... come 6-April-08 it will "become" simply a S&S Isa. Able to put up to £7,000 in each year? (as long as he doesn't put any new money in his cash isa in the same tax year?)
another question-
automatic re-investment of income vs paid out income.
when i trade in the US (i'm a US citizen), i always check the paid out income option. this is because automatic re-investment messes up my taxes considerably (capital gains tricky to calculate if you don't know date of purchase/sales, etc) however, in a tax-free income wrapper such as an ISA, this doesn't matter, correct? so automatic re-investment is the SIMPLIEST way of keeping the £ in the ISA. do i have that correct?0 -
so if he transfers this to a H&L Mini S&S ISA now... come 6-April-08 it will "become" simply a S&S Isa. Able to put up to £7,000 in each year? (as long as he doesn't put any new money in his cash isa in the same tax year?).....under construction.... COVID is a [discontinued] scam0
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thanks for the clarification!
so... in 2007-2008 he will have to self-regulate himself so that he puts away a max of £7200. He can determine the ratio of S&S to Cash. (as long as the cash portion is not more than £3600).0 -
automatic re-investment of income vs paid out income.
when i trade in the US (i'm a US citizen), i always check the paid out income option. this is because automatic re-investment messes up my taxes considerably (capital gains tricky to calculate if you don't know date of purchase/sales, etc) however, in a tax-free income wrapper such as an ISA, this doesn't matter, correct? so automatic re-investment is the SIMPLIEST way of keeping the £ in the ISA. do i have that correct?0 -
Past years lose the distinction between mini and maxi. Although some providers still call them by what they are.
For example, some providers only set up MAXIs but will accept transfers from what were MINI isas because it doesnt matter once the tax year has ended.
MINI/MAXI only applies to current tax year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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