Full ISA Guide Discussion Area

daleuk_3

can I fully close this years stocks and shares isa, withdrawing all funds, then open a new one?

scrooge09

Hi folks

Can anyone advise - I have a self select shares ISA and am getting nervous about the market. I would like to sell the shares and keep the money in the current years ISA wrapper to use at a later date, maybe in the next financial year. Is this allowed?

Lokolo

scrooge09 wrote: »

Hi folks

Can anyone advise - I have a self select shares ISA and am getting nervous about the market. I would like to sell the shares and keep the money in the current years ISA wrapper to use at a later date, maybe in the next financial year. Is this allowed?

Yes it is.

RayWolfe

It is allowed, the problem maybe, is that the interest you receive will be pathetic ... and will be taxed!

JimmyTheWig

If it's in the ISA wrapper then surely it won't be taxed?

Lokolo

JimmyTheWig wrote: »

If it's in the ISA wrapper then surely it won't be taxed?

Cash in a S&S ISA is taxed. Cash inside a Cash ISA is not.

cheerfulcat

daleuk wrote: »

can I fully close this years stocks and shares isa, withdrawing all funds, then open a new one?

Better simply to transfer your ISA to your new provider.

RayWolfe

JimmyTheWig wrote: »

If it's in the ISA wrapper then surely it won't be taxed?

In a S&S ISA it will be taxed. That's why I said it would.

JimmyTheWig

Ooh, I'd never heard of doing that.
Thanks.

neotheone_2

I have a cash E-ISA with natwest and I have deposited £3800 in it, will I be taxed with all those savings in there? What should I do now to avoid that? Thank you.