Transfer Cash ISAs Discussion Area

alahol2

Yes that's OK. When you transfer an ISA you are effectively transferring discrete 'annual chunks' of cash so they don't affect the current year's 'chunk'.

leaphaze

50_Pence wrote: »

Would I still be allowed to put up to £15,000 into the Post Office ISA during 2015/2016, even after transferring an ISA in?

The ISA allowance had gone up so you can put in £15,240 for the 15/16 tax year.:T

badger09

50_Pence wrote: »

Hi,


I have left it too late this year to open an online easy access Post Office ISA by transferring my Co-operative ISA. I have also left it too late to put any 2014/2015 money into my Co-operative ISA – the deadline was apparently 2nd April due to the Bank holiday.
I was thinking instead of opening the Post Office ISA using 2014/2015s allowance and then transferring my Co-operative ISA into it later. Can I do that?



Would I still be allowed to put up to £15,000 into the Post Office ISA during 2015/2016, even after transferring an ISA in?


Thanks

You may have left it too late - have you read this?

http://www.postoffice.co.uk/savings-accounts/online-isa/faqs

However, why the rush? Why do you need for a cash ISA? Have you already filled all the high interest paying current accounts?

boobbby

badger09 wrote: »

You may have left it too late - have you read this?

http://www.postoffice.co.uk/savings-accounts/online-isa/faqs

However, why the rush? Why do you need for a cash ISA? Have you already filled all the high interest paying current accounts?

Good advise and if anybody is over 65 then the 4% bond will pay interest tax free from now on !:T

colsten

boobbby wrote: »

if anybody is over 65 then the 4% bond will pay interest tax free from now on !:T

I think you might misunderstand - there is no blanket tax free interest outside ISAs, not now, and not from next yax year.

For 2015-16, NS&I will still withhold 20% from any interest paid on Pensioner Bonds. This means tax will be deducted on any Pensioner Bonds that have already been taken out.

If you take out a Pensioner Bond between now and when applications close, you might be entitled to gross interest as rules might change again for the tax year 2016-17. Whether you are entitled or not will depend on your total income (pension/salary and interest). NS&I will probably pay the interest gross but it is all still subject to new legislation.

colsten

boobbby wrote: »

if anybody is over 65 then the 4% bond will pay interest tax free from now on !:T

I think you might misunderstand - there is no blanket tax free interest outside ISAs, not now, and not from next tax year.

For 2015-16, NS&I will still withhold 20% from any interest paid on Pensioner Bonds. This means tax will be deducted on any Pensioner Bonds that have already been taken out. Use this calc to work out whether you can.

If you take out a Pensioner Bond between now and when applications close, you might be entitled to gross interest as rules might change again for the tax year 2016-17. Whether you are entitled or not will depend on your total income (pension/salary and interest). NS&I will probably pay the interest gross but it is all still subject to new legislation.

boobbby

colsten wrote: »

I think you might misunderstand - there is no blanket tax free interest outside ISAs, not now, and not from next yax year.

For 2015-16, NS&I will still withhold 20% from any interest paid on Pensioner Bonds. This means tax will be deducted on any Pensioner Bonds that have already been taken out. Use this calc to work out whether you can.

If you take out a Pensioner Bond between now and when applications close, you might be entitled to gross interest as rules might change again for the tax year 2016-17. Whether you are entitled or not will depend on your total income (pension/salary and interest). NS&I will probably pay the interest gross but it is all still subject to new legislation.

According to the Daily Mail if the bond is taken out from the 5th April until May when it is withdrawn then the interest is paid tax free. For 95% people this means they will not have to pay tax on the interest. For those that took out the bond before the end of the last tax year then in the first year tax will be taken from the interest but can to be reclaimed by people with less than a total income of £15600 this tax year

colsten

boobbby wrote: »

According to the Daily Mail if the bond is taken out from the 5th April until May when it is withdrawn then the interest is paid tax free.

I haven't read the Daily Mail article but if they say what you say above, they are wrong (which isn't unusual for the DM). I refer you to what I posted earlier.

veryintrigued

colsten wrote: »

from next yax year.

I like the sound of that - maybe a nomination for the 13th Chinese animal of their zodiac?

colsten

yax - that common abbreviation for 'tax year'......