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Comments

  • daleuk_3
    daleuk_3 Posts: 299 Forumite
    can I fully close this years stocks and shares isa, withdrawing all funds, then open a new one?
  • scrooge09
    scrooge09 Posts: 1 Newbie
    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
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    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
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    It is allowed, the problem maybe, is that the interest you receive will be pathetic ... and will be taxed!
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If it's in the ISA wrapper then surely it won't be taxed?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    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
    cheerfulcat Posts: 3,412 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    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
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Ooh, I'd never heard of doing that.
    Thanks.
  • neotheone_2
    neotheone_2 Posts: 3 Newbie
    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.
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