ISA rules have changed Discussion

noh

I read this then if next tax year I transfer £7,200 cash Isa to S&S ISA, thats my years limit used up? Is that correct?

No not if that £7200 came from previous years cash ISAs. Only cash subscribed in that tax year counts towards the limit. Cash ISAs from previous years don't count towards the current years limit.
If you opened a cash ISA in the next tax year and subscribed the max £3600 to it and then transferred that to a S&S ISA during the same tax year that would count toward the limit.

Nigel

mister_bojangles

garymcox, as you have not already opened an ISA, you cannot benefit from the Lloyds ofer on a TRANSFER of £9000, because there's no way you can make up £9000. If you open two accounts for you and your wife before 6 March 2008 for the 2007/08 financial year, you'll have £6000 to transfer. With a maximum of £3600 in the 2008/09 financial year, you can therefore have up to £9600 in your Llloyds ISA account.

bristolleedsfan

mister_bojangles wrote: »

If you open two accounts for you and your wife before 6 March 2008 for the 2007/08 financial year, you'll have £6000 to transfer. With a maximum of £3600 in the 2008/09 financial year, you can therefore have up to £9600 in your Llloyds ISA account.

I thought the reason ISA(s) were called "Individual Savings Accounts" was because they were for "individual persons" and that "An ISA must be in a sole name alone; nobody can have a joint ISA. ..."

I wasnt aware that the 9000.00 Lloyds TSB total could be part made up of ISA allowances from a couples ISA allowance from one tax year. :shocked:

Guess I learn something new every day. :j

Strange how Mr and Mrs Mcox are according to the above able to transfer 6000.00 between them from one tax year, yet only allowed to pay in 3600 between them the following year.

p1an0player

isasmurf wrote: »

• Cash ISAs can be transferred into a Stocks & Shares ISA.

May I ask, other than being exempt from capital gains tax, does a Stocks & Shares ISA hold any tax advantage compared to the same investment held outside an ISA wrapper?

ffacoffipawb

bristolleedsfan wrote: »

Heres a Table that was compiled elsewhere where people put together info they had gleaned regarding which Building Societies allow part transfers out as well as other types of transfers.

CatholicTransfers IN: Full YES Partial YES. Transfers OUT: Full YES Partial YES *£30 Fee may apply for transfers out

Surprising to see a penalty for someone withdrawing at the last minute. :rotfl:

ffacoffipawb

p1an0player wrote: »

May I ask, other than being exempt from capital gains tax, does a Stocks & Shares ISA hold any tax advantage compared to the same investment held outside an ISA wrapper?

Dividend income does not need to be declared, so ...

(1) No higher rate tax;

(2) Doesn't count as income for child tax credits.

jamesd

Also no need to worry about keeping all the purchase and sale records to try to work out whether you've exceeded the CGT limit and no need to account for income or distributions. Just less hassle all around.

p1an0player

The majority of people are basic rate taxpayers, with no CGT liability.

While the banks etc are heavily advertising "stocks and shares ISAs" and the great tax advantages, in fact only a minority of people get any tax advantage. There is a danger of the tail wagging the dog. Or something.

strangeglue

apologies as this may be a very stupid question!

I was able to save £1000 in my smile cash ISA before april 2008. Now the tax year ended, i received my interest and for some reason I imagined a new ISA would start. I paid in another £100 on april 8th and it's been added to last year's total.

If I need to withdraw £300 later this year, will that mean I can only deposit £3300 this year, or is there a way of withdrawing the £300 out of last year's total, not this years?

TIA

King_Weasel

strangeglue wrote: »

apologies as this may be a very stupid question!

I was able to save £1000 in my smile cash ISA before april 2008. Now the tax year ended, i received my interest and for some reason I imagined a new ISA would start. I paid in another £100 on april 8th and it's been added to last year's total.

If I need to withdraw £300 later this year, will that mean I can only deposit £3300 this year, or is there a way of withdrawing the £300 out of last year's total, not this years?

TIA

You've done nothing wrong (unless maybe you failed to look for the best offers, but you can transfer any time). Your withdrawals are irrelevant. You've put £100 in this year, so you've only got another £3,500 you can put in this year.

[PS What's the significance of your nic? Something to do with Stickies, presumably.]