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ISA confusion
dan041961
Posts: 10 Forumite
Seeking help re maturing ISA
my current cash ISA of £20K matures very soon on 1/9/24. Opened with £20K 1/9/23
i also purchased in May 2024 £7K in stocks and shares ISA with trading 212.
my current cash ISA of £20K matures very soon on 1/9/24. Opened with £20K 1/9/23
i also purchased in May 2024 £7K in stocks and shares ISA with trading 212.
I suddenly realised if I reinvest the £20K cash ISA ( plus interest circa £1K) it would seem to go over this year’s allowance. I had presumed they were from different tax years until now. Can I reinvest the cash ISA now and still keep the £7K.
Many thanks in advance for any helpful advice
0
Comments
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HMRC limit of £20k is the max amount of new money you can subscribe (pay in) each year. You can leave your £20k plus interest where it is, or xfer it to another ISA provider using that new providers xfer process.1
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You've not gone over any limits and you can transfer the £20k ISA, plus the interest, to another ISA, or leave it with your current provider. The £20k limit is how much you can put in per tax year. You can still add another £13k of new money to ISAs this tax year.
What you cannot do is withdraw the £20k and put it in another ISA.2 -
Your £20k cash ISA was opened in the 2023/2024 tax year.
The £7k stocks & shares ISA was opened in the current 2024/2025 tax year.
So as I understand it you can transfer the 2023/2024 Cash ISA (320k plus interest) into either another Cash ISA or a S&S ISA when it matures, providing the new provider you choose allows transfers in . You must do this as an ISA to ISA transfer to maintain the tax free status of the 2023/2024 allocation.1 -
Spending some time reading through the forum, would increase your knowledge about ISA rules.dan041961 said:Seeking help re maturing ISA
my current cash ISA of £20K matures very soon on 1/9/24. Opened with £20K 1/9/23
i also purchased in May 2024 £7K in stocks and shares ISA with trading 212.I suddenly realised if I reinvest the £20K cash ISA ( plus interest circa £1K) it would seem to go over this year’s allowance. I had presumed they were from different tax years until now. Can I reinvest the cash ISA now and still keep the £7K.Many thanks in advance for any helpful advice1 -
They are from different tax years from what you've said, what made you change your mind?dan041961 said:. I had presumed they were from different tax years until now.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Thanks everyone for clarifying the ISA situation for me. Very much appreciated2
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