ISA Allowance

tobago22

Anybody help?
I opened a Stocks and Shares ISA last April. Paid £10000 into the Isa.
When the paperwork arrived £9700 had been credited to the Isa. £300 was deducted for the fee to an IFA which was what I expected to pay.
My question is. Does this leave me with £5000 or £5300 available to invest in a cash Isa before end of financial year?
Any help would be much appreciated.

bowlhead99

It depends if you literally subscribed the £10000 to the ISA or gave some middleman the £10,000 to arrange your £9700 subscription and a £300 fee. The latter is obviously more efficient in terms of preserving allowances so paying separately and explicitly a bill for IFA services is common.

It would be the other way round if you were investing inside a pension, when it's better to first get the money inside the wrapper and then pay the IFA's services out of tax-grossed-up money.

Bottom line it depends on how you arranged the investment. Asking the IFA would be the sensible thing to do at this point if you can't work it out from your paperwork.

tobago22

Thanks for the prompt reply
I made the cheque for £10000 out to the insurance company. Presumably they then reimburse the IFA

bowlhead99

That doesn't really give you the answer then, so just ask the insurance company how much more you can pay into their product this year if you wanted to.