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Full ISA Guide Discussion Area
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Yes you can.
Remember - to transfer ISAs you must fill in an ISA transfer form with the new provider.0 -
Thank you! and very quick too!0
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A new low for cash ISA rates? Smile Bank are paying 1.00% if you do not have a current account with them , 1.75% if you do."When the Government borrows, the citizen has to save".
Machiavellii0 -
Sorry if these questions have been asked before or sound dumb, but I'm unfamiliar with ISAs, although I have read the guide.
I have £3600 in a 6-month-fixed cash ISA that is about to expire. I intend to transfer it to an e-ISA with the same company.
Questions are:
1) Generally speaking, is it actually allowable to pay more than £3600 pa into a cash ISA? If so, presumably the surplus would earn interest but be taxable?
2) When the money is transferred to the e-ISA, what will happen to the interest accrued? Would I be forced to pay this XS into a different account to avoid exceeding the £3600 limit? If they can xfer the interest into the e-ISA too, how will this work in terms of earning non-taxable interest? Does the fact that the XS is interest-earned make any difference?
3) A general question about ISAs. Once the new tax year commences, can I leave the £3600 (plus any interest) from the previous tax year in and pay another £3600, all earning non-taxable interest? Or does carrying £3600 across from the previous year effectively count as the new year's allowance?0 -
1) Generally speaking, is it actually allowable to pay more than £3600 pa into a cash ISA? If so, presumably the surplus would earn interest but be taxable?2) When the money is transferred to the e-ISA, what will happen to the interest accrued?3) A general question about ISAs. Once the new tax year commences, can I leave the £3600 (plus any interest) from the previous tax year in and pay another £3600, all earning non-taxable interest?0
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Thanks Baldur. I understand ISAs that bit better now.0
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It says in the Guide:
You can only have a Cash ISA with one provider in any tax year – you can't split it.
I've just opened a fixed rate cash ISA with the Halifax, transferring an existing (opened this tax year) variable rate ISA from Alliance and Leicester to which I have already added some "new" money but not my full allowance. I assumed, in the light of the above statement, that I would have to transfer the A&L ISA in its entirety, but was told I could transfer all or part. I opted to keep some cash in the A&L for easy access.
Was I told right?0 -
You cannot split ISA money that has been put in this years ISA.
i.e. you can't split your A&L money. Which you have done.
No idea what that means though.0 -
Thanks for the quick reply, Lokolo!
My A&L ISA includes money from past years' ISAs, i.e. not just the "new" money.
Does this make it OK to split?
The transfer is still in progress, so I don't know what will happen...0 -
easilyconfused wrote: »Thanks for the quick reply, Lokolo!
My A&L ISA includes money from past years' ISAs, i.e. not just the "new" money.
Does this make it OK to split?
The transfer is still in progress, so I don't know what will happen...
You can only make partial transfers (in your terminology 'split') of previous tax years' Cash ISA funds.0
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