scottish widows stocks and shares isa

markbsac

i have a stocks and shares isa that i have held for almost 30 years with approx. 18k in it, i stopped putting money into it around 2008 when the stock markets crashed, so its just been building on whats been invested since 2008.So will i have to close it before this 22% tax hike is brought in if i want to avoid paying any tax on the interest ? i have read this will be april next year.

Farway

You'd have to check your account, but from what I see Scottish Widows does not pay any interest on cash held, so you have nothing to be charged against. And have not had any interest for the past umpteen years

You could do what I have done with my First Direct S & S ISA, transfer the cash part to an interest paying cash ISA, still be Tax Free

markbsac

https://forums.moneysavingexpert.com/discussion/comment/82049762#Comment_82049762

thanks i am up to my limit on my cash isas, next year i only have 12000 to put in until 2028 when i turn 65,. im not even sure if my scottish widows stocks and shares isa has a cash element, im going to call them on monday.

DRS1

Hopefully your S&S ISA is not just in cash.

As mentioned SWSD does not pay interest on cash so you don't have to worry about the changes to ISAs and the 22% charge on interest from cash in an S&S ISA. But as you don't get interest on cash if there is a chunk of cash in the ISA you might want to invest it in something. (Just as an aside you may know that SWSD have now got a regular investing facility which allows you to buy some things without paying the £5 dealing charge. Although it is for "regular" investing you can actually set it for a one off investment and to use money already held in cash in the ISA (so you don't need to add new money to use it).)

You should have a look at the ISA to see what it is invested in and how it is doing If it is all in an MMF then you might want to do something about that.

Assuming you are under 65 you do still have time to transfer it to a cash ISA if you think the money would be better off in one of those.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82049773#Comment_82049773

This is with the broker formerly known as iWeb? If so, you can’t logon and check? It shows your cash balance.

markbsac

https://forums.moneysavingexpert.com/discussion/comment/82049777#Comment_82049777

thanks i cant transfer to a cash isa…i have used my 20k limit already this year, but hopefully as you both say there is no interest payment by SW so i should just be able to leave it where is is without being taxed…thank you

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82049790#Comment_82049790

You can transfer prior years’ contributions. Just make sure you use the provider to provider transfer service rather than doing it yourself. You initiate the transfer via the receiving provider.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82049790#Comment_82049790

Transfers from ISA to ISA don't use up your ISA allowance for the year you do the transfer. As long as you do a proper ISA transfer as opposed to just taking the money out to your current account and putting it in as new money.

You would ask the receiving ISA provider to organise the transfer.

markbsac

https://forums.moneysavingexpert.com/discussion/comment/82049787#Comment_82049787

i will do that now….they are invested into

UK Equity Tracker Shareclass A Accumulation

there is nothing there about a cash element

Ayr_Rage

Of course you transfer ANY previous years even if you have used this your current tax year allowance.

I think you need to get your ducks in a row and also improve your understanding of what you are invested in and the general ISA regulations.

markbsac

https://forums.moneysavingexpert.com/discussion/comment/82049806#Comment_82049806

thats why i invested from the start in1996 so SW do the investing for me…i have no clue about investing in stocks and shares thats why i did it this way, and so far they have made me a nice tidy sum from the amount i invested.