Full ISA Guide Discussion Area

Stretlow

Lokolo wrote: »

Its in an ISA, there is no tax. ISAs don't get removed after the tax year, once in an ISA it can stay in ISA, tax free, until death or a law change.

So basically you should fill an isa leave it where it is, open another fill it, leave it where it is?

Sorry for the confusion

DragonQ

Stretlow wrote: »

So basically you should fill an isa leave it where it is, open another fill it, leave it where it is?

Sorry for the confusion

No, if you leave the money where it is the interest rate will drop to nearly nothing. You should transfer your previous tax years' ISA savings to the best accounts when necessary, as well as using your current tax year's ISA allowance.

You seem to be over-thinking this. A cash ISA is just a savings account where the interest is tax-free. There are some restrictions (e.g. there's a maximum you can deposit in each cash year, all of your current-tax-year savings must be together in a single account, you must use official ISA transfer forms to transfer money between cash ISAs, etc.) but in general that's all it is.

Fleet_First

Can you open a cash ISA with one provider and an investment ISA with another provider?


Apologies for so basic a question, but I would cry like a baby if HMRC managed to grab any of my money through such a silly mistake!

Archi_Bald

Yes of course you can

Red_Cat

Hi,

I have an account with a platform that I have used for investing in funds for my ISAs.

However, this year I would like to hold both shares of individual companies as well as funds, all in the same equity ISA. I think my platform supports this, but I wanted to check if this is allowable under the rules.

le_loup

If your platform allows, and most do, you can have funds or shares or any combination.

Red_Cat

Cool, thanks le loup!

Jimbocam

How much should I expect to pay an adviser for setting up an ISA for me? Is 3% of the total excessive? Thanks.

Archi_Bald

Are you planning on putting the full £11,520 into the ISA, or anything less? What has the adviser done to earn his 3% (approx £350 of the max you can put in this year)? How many hours has the adviser spent advising you / establishing your requirements & needs?

Jimbocam

I have been given a quote on a total investment of £24000 which breaks down as £11520 into an ISA for the current tax year 2013/14, £11760 into the ISA for the next tax year 2014/15 and a 3% initial advice fee. We spoke for about 30 mins and filled in a form with all my details and is now chasing me for a quick answer.