Trading 212 stocks ISA £40 bonus

Kraka3

I've recently set up several new accounts with the goal of spreading out & maximising my savings.

One of these is the Trading 212 stocks ISA.  I applied & used the MSE code & have received the £40 in my stocks ISA.

I'm looking in the remaining week before the new tax year to max out my ISA limit for the year.

Does the £40 count toward my ISA limit?

I want to max out my limit, but not exceed it, so need to know if the £40 counts, as it has come from trading 212, not myself.

Also out of curiosity:
What happens if you pay in more than the 20k limit?  I'm guessing the money over the limit wouldn't be tax exempt.  Is there a penalty if you pay over the limit?

masonic

It should count. Third parties are not allowed to pay into ISAs without it counting towards the annual allowance. Does T212 not show you how much of your allowance remains for this tax year?

If you exceed your allowance, HMRC will discover this some time after the end of the tax year. They may forgive a first offence, but can instruct that the oversubscription is removed from the ISA and wouldn't be tax exempt while within it. Providers must not allow you to subscribe more than £20k into your ISA, so they would be on the naughty step too if this involved just their ISA.

Kraka3

masonic said:

It should count. Third parties are not allowed to pay into ISAs without it counting towards the annual allowance. Does T212 not show you how much of your allowance remains for this tax year?

If you exceed your allowance, HMRC will discover this some time after the end of the tax year. They may forgive a first offence, but can instruct that the oversubscription is removed from the ISA and wouldn't be tax exempt while within it. Providers must not allow you to subscribe more than £20k into your ISA, so they would be on the naughty step too if this involved just their ISA.

Thank you

I have several cash ISAs & a LISA.  The first cash ISA I opened earlier in the year with a small amount.  The LISA is now maxed for the year, the other cash ISA's are very new, & opened within the last few days.  I plan on speeding the rest of my allowance between them.  I haven't yet figured out where in my accounts (if at all) it displays my limit.  I've kept a log of where & when I've paid into each, but wanted to know how the £40 affected it. I;ll just pay in £40 less than originally intended between my cash ISA's

 

wmb194

Kraka3 said:

masonic said:

It should count. Third parties are not allowed to pay into ISAs without it counting towards the annual allowance. Does T212 not show you how much of your allowance remains for this tax year?

If you exceed your allowance, HMRC will discover this some time after the end of the tax year. They may forgive a first offence, but can instruct that the oversubscription is removed from the ISA and wouldn't be tax exempt while within it. Providers must not allow you to subscribe more than £20k into your ISA, so they would be on the naughty step too if this involved just their ISA.

Thank you

I have several cash ISAs & a LISA.  The first cash ISA I opened earlier in the year with a small amount.  The LISA is now maxed for the year, the other cash ISA's are very new, & opened within the last few days.  I plan on speeding the rest of my allowance between them.  I haven't yet figured out where in my accounts (if at all) it displays my limit.  I've kept a log of where & when I've paid into each, but wanted to know how the £40 affected it. I;ll just pay in £40 less than originally intended between my cash ISA's

On T212 your Isa allowance is displayed on the Isa portfolio screen, between your account's value chart and above the listing of your portfolio:

Kraka3

wmb194 said:

Kraka3 said:

masonic said:

It should count. Third parties are not allowed to pay into ISAs without it counting towards the annual allowance. Does T212 not show you how much of your allowance remains for this tax year?

If you exceed your allowance, HMRC will discover this some time after the end of the tax year. They may forgive a first offence, but can instruct that the oversubscription is removed from the ISA and wouldn't be tax exempt while within it. Providers must not allow you to subscribe more than £20k into your ISA, so they would be on the naughty step too if this involved just their ISA.

Thank you

I have several cash ISAs & a LISA.  The first cash ISA I opened earlier in the year with a small amount.  The LISA is now maxed for the year, the other cash ISA's are very new, & opened within the last few days.  I plan on speeding the rest of my allowance between them.  I haven't yet figured out where in my accounts (if at all) it displays my limit.  I've kept a log of where & when I've paid into each, but wanted to know how the £40 affected it. I;ll just pay in £40 less than originally intended between my cash ISA's

On T212 your Isa allowance is displayed on the Isa portfolio screen, between your account's value chart and above the listing of your portfolio:

My ISA allowance is showing I've used £931.16, but I've only deposited £931 with Trading 212.   I don't understand, are they counting interest against my allowance?  I've kept a log of what I've paid into my other ISA's, do I need to account for the £0.16. 

wmb194

Kraka3 said:

wmb194 said:

Kraka3 said:

masonic said:

It should count. Third parties are not allowed to pay into ISAs without it counting towards the annual allowance. Does T212 not show you how much of your allowance remains for this tax year?

If you exceed your allowance, HMRC will discover this some time after the end of the tax year. They may forgive a first offence, but can instruct that the oversubscription is removed from the ISA and wouldn't be tax exempt while within it. Providers must not allow you to subscribe more than £20k into your ISA, so they would be on the naughty step too if this involved just their ISA.

Thank you

I have several cash ISAs & a LISA.  The first cash ISA I opened earlier in the year with a small amount.  The LISA is now maxed for the year, the other cash ISA's are very new, & opened within the last few days.  I plan on speeding the rest of my allowance between them.  I haven't yet figured out where in my accounts (if at all) it displays my limit.  I've kept a log of where & when I've paid into each, but wanted to know how the £40 affected it. I;ll just pay in £40 less than originally intended between my cash ISA's

On T212 your Isa allowance is displayed on the Isa portfolio screen, between your account's value chart and above the listing of your portfolio:

My ISA allowance is showing I've used £931.16, but I've only deposited £931 with Trading 212.   I don't understand, are they counting interest against my allowance?  I've kept a log of what I've paid into my other ISAs, do I need to account for the £0.16. 

No, it won’t include interest. Go through your statement and double check but it’s only 16p, I’d just deduct it from your available to deposit amount to be safe.

julie777

I received the bonus shares worth £40 but cannot figure out how to sell them before their value plummets even more. Can anyone advise please?

M4rkOne97One

julie777 said:

I received the bonus shares worth £40 but cannot figure out how to sell them before their value plummets even more. Can anyone advise please?

From memory you tap on the micro share you hold, for example Apple £40.16 and then there's an option to sell that you tap.