Full ISA Guide Discussion Area

NilReturns

Reasons to use an ISA if not paying tax:
- If you are doing a cash ISA & in case you will pay tax in the future
- If you are doing a cash ISA & if you can get better rates in an ISA
- If you are doing a stocks & shares ISA & want to ring fence against possible capital gains tax
- If you are doing a stocks & shares ISA & want simpler paper work (no tax return to do)

the-mango

NilReturns wrote: »

- If you are doing a stocks & shares ISA & want simpler paper work (no tax return to do)

Thnks for this. This specific point, if I'm doing a self-assessment then surely I have to do a tax return anyway?

innovate

the-mango wrote: »

Thnks for this. This specific point, if I'm doing a self-assessment then surely I have to do a tax return anyway?

Yes - but you do not have declare any ISAs.

To quote from the HMRC website

You do not have to declare income and capital gains from ISA savings and investments or even tell your tax office that you have an ISA.

NilReturns

innovate wrote: »

Yes - but you do not have declare any ISAs.

To quote from the HMRC website

... and if you have ever sat down to work out capital gains tax then you will know that, in all but the most simple situations, you really want to avoid doing it again, ever!!

innovate

NilReturns wrote: »

... and if you have ever sat down to work out capital gains tax then you will know that, in all but the most simple situations, you really want to avoid doing it again, ever!!

Yes - and you'll be immensely greatful you can leave out your ISAs

[Deleted User]

Rather than starting a new topic; i need some help understanding what todo with my money. I've read the main topics and FAQ on the actual website but i'm still confused.

I have 5k with Barclays. Though they will be dropping my interest to 2% next year. 3.3% at Santander looks nice. Will i be able to transfer the money online on the Santander website and still pay into it this following year?
I don't quite understand if transferring counts to my allowance for the year? As i'm already maxed out as i transferred last year (not sure if it was a 'transfer' as i did that from Barclays to Barclays to get the introductory bonus rate again.)
I would like to pay in more this year too.

Many thanks!

the-mango

innovate wrote: »

Yes - and you'll be immensely greatful you can leave out your ISAs

and so i should or shouldn't declare on my self-assessment...

lukey_g81

Hi
I hope someone can answer my question - its probably just me so please ignore my ignorance....
If I were to start a 1 year 3% ISA with £1000 would that £1k accrue 3% once the year is up? If I were to place another £1k a week before the year is over would i accrue 3% for this additional £1k or not because it wasnt in for a year?
Once the year is up and I want to transfer my money into a better performing ISA do they calculate the interest owed to me automatically and transfer it all?
Thanks for reading and again sorry if this is simple

NilReturns

Check the terms because of bonus rates on some deals might only be paid on the balance on a certain day, but otherwise it is normally worked out on the number of days the money is invested, & yes they normally work it out when you transfer or close. In other words it is fair.

athom85

Ok, so i know that I'm allowed 1 isa a year.
I opened an isa last tax year (June 2010), into which i have a standing order that deposited £200 a month into it. This standing order has carried on to this day, with money being payed into the Isa account every month since i opened it.
My questions is, does this count as this years isa, since i've constantly being paying into it, or because it was opened last tax year, can I still open a new one now?