Full ISA Guide Discussion Area

stphnstevey

Ray your wit is as funny as a carcrash as normal....:p

Didn't read the question properly, always my problem in exams!

Thought you meant he bought the second lot of shares with more money timmy put into the ISA (your wording didn't really specify where that money had come from for the second shares, but I admit it is a logical assumption to assume it was from the profit from the first purchase). I'm sure Ray will chastise me for my massive incompetence

Ohh, and here comes Ray's wit again, wait for it.....it's going to be really funny this time.......(make a nice change)

bockster

thanks guys, this is how understood it, allbeit i had assumed this was how it worked.
otherwise;-
imagine timmy opened share isa with max £7200 and bought £7200 worth of shares in any co, 1 week later he sells the shares at neither profit or loss, gets back £7200. now he can't make another trade!!

blackburne

Is the interest on shares or funds in S & S ISA's taxable? If so, and it is paid net of tax, presumably one claims the tax back on the annual tax return?

cheerfulcat

Hi, blackburne,

The dividends from shares or equity based funds are treated as having been taxed at 10%; this is non-reclaimable even within an ISA.

Interest from bond funds is paid net but the tax should be reclaimed automatically by your ISA provider ( in a self-select ISA, anyway - not sure how it works when the ISA wrapper is supplied by the fund house ).

stphnstevey

Lokolo wrote: »

You can subscribe to one Cash ISA and one Stocks and Shares ISA each tax year.

You cannot subscribe to more than one Cash ISA in a year. You cannot subscribe to more than one Stocks and Shares ISA in a year.

Sorry, another question again.

Can you 'contribute' to more than one ISA in a tax year?
Eg. Use £1000 to open a new ISA, but also put £1000 in another ISA already opened

RayWolfe

No ..........

Conan

Hi,

I am in a bit of confusion about transferring my ISA:

I opened last year a cash ISA with Barclays. I filled it up to £3.600, then at the beginning of the new tax year, meaning the second week of April this year, I added £200 to the same ISA, finding out only later that it's now paying a mere 2%.
I'd like to move to a better paying solution, but... in what situation am I right now?:

I haven't OPENED a NEW ISA this year, but I have used up part of this year's ALLOWANCE with my LAST YEAR's ISA!

a. Does my addition of money to my previous year's ISA work as an automatic subscription with the same provider and same ISA for this year, exactly as if I had opened another ISA with them?
b. Otherwise am I now allowed to open a NEW ISA for this fiscal year? (I reckon that, if I can, my annual allowance is reduced to £3400)
b1. If I can, can I open it with Barclays again, but a different ISA (Golden)?
b2. If I can't, can I transfer my existing ISA in its entirety to a new provider (Natwest e-ISA)?
c. Are there other solutions I might consider? Any advice on how to make my little quids work any better than a 2%?

Thanks a lot for any help!!

And many compliments to the website, it's a endless source of great tips!

Baldur

Conan wrote: »

a. Does my addition of money to my previous year's ISA work as an automatic subscription with the same provider and same ISA for this year, exactly as if I had opened another ISA with them?

Yes, you have subscribed to your 2009/10 Cash ISA.

b. Otherwise am I now allowed to open a NEW ISA for this fiscal year? (I reckon that, if I can, my annual allowance is reduced to £3400)

No - as per above answer.

b1. If I can, can I open it with Barclays again, but a different ISA (Golden)?

Not applicable, for the above reason.

b2. If I can't, can I transfer my existing ISA in its entirety to a new provider (Natwest e-ISA)?

Yes - just complete your chosen new provider's ISA transfer form. You can also add the balance of your 2009/10 Cash ISA allowance after the transfer has taken place.

rb10

Baldur wrote: »

Yes - just complete your chosen new provider's ISA transfer form. You can also add the balance of your 2009/10 Cash ISA allowance after the transfer has taken place.

Sorry to hi-jack the thread, but how does this work?

To use the OP as an example, say s/he transferred the whole balance to Halifax. So then they could pay in £3400 to Halifax?

But if the OP only transferred part of the Barclays ISA, then where would they pay in then? Either?

Baldur

rb10 wrote: »

Sorry to hi-jack the thread, but how does this work?

To use the OP as an example, say s/he transferred the whole balance to Halifax. So then they could pay in £3400 to Halifax?

Yes.

But if the OP only transferred part of the Barclays ISA, then where would they pay in then? Either?

The relevant requirement is with whichever provider the current tax year's subscription resides - partial transfers are only permitted for previous tax year's/years' ISA funds but current tax year's funds must be transferred whole and documented as such on the transfer form from the old provider.