Full ISA Guide Discussion Area

badger09

lynnejk wrote: »

Just looking for a bit of advice.


As I am now a non-taxpayer am I right to assume there isn't really any point in putting my money into an ISA at the moment as the rates seem so low.


I am in the situation where I cannot tie up any money long-term as our work isn't secure so need access without penalty.


The best current accounts seem to be the 12 month ones with Nationwide and the new one starting with TSB to earn 5%. The best after that is Santander if over £3000.


Have I missed something or do I seem to be on the right lines?


Thanks a million
Lx

In your current situation:

No

and

Yes

Snooping4Value

lynnejk wrote: »

Just looking for a bit of advice.


As I am now a non-taxpayer am I right to assume there isn't really any point in putting my money into an ISA at the moment as the rates seem so low.


I am in the situation where I cannot tie up any money long-term as our work isn't secure so need access without penalty.


The best current accounts seem to be the 12 month ones with Nationwide and the new one starting with TSB to earn 5%. The best after that is Santander if over £3000.


Have I missed something or do I seem to be on the right lines?


Thanks a million
Lx

Do you expect to be a tax payer again sometime soon? Have you got excess cash to hand that you'd fill the higher interest but taxed accounts? (eg Nationwide, Santander 1-2-3) If no to both questions, then you probably don't need to consider ISAs for now.

The interest you can get from the current accounts are higher than what you can get from ISAs at the minute. If you do have spare cash lying around and you expect to start working/paying income taxes again, then its a possibility.

lynnejk

badger09 wrote: »

In your current situation:

No

and

Yes

Snooping4Value wrote: »

Do you expect to be a tax payer again sometime soon? Have you got excess cash to hand that you'd fill the higher interest but taxed accounts? (eg Nationwide, Santander 1-2-3) If no to both questions, then you probably don't need to consider ISAs for now.

The interest you can get from the current accounts are higher than what you can get from ISAs at the minute. If you do have spare cash lying around and you expect to start working/paying income taxes again, then its a possibility.

Thanks a million to you both for the prompt replies. I see also that I can open two of the new TSB accounts next week :T


Lx

R1kusdikus

I am very new to stocks and shares ISA's so please excuse me if these questions seem obvious.
I know that after July, you can transfer up to £15000 in stocks and shares, but am very new to this.
1: Does this mean that i can transfer £15,000 worth of shares at what they are worth at the time of transfer?
2: Also, do i have to sell them to do this?
Are they just held as shares in the company i have shares with, in the ISA until i wish to sell them or are they reinvested by whatever company i open a stocks and shares account with?
3: Can these shares be sold at any point after transfering them in, without having to pay Capital Gains Tax, either immediately after a day allowing me the tax free benefit or is there an amount of time I have to leave them in before gaining this tax free allowance?

Rich

Archi_Bald

Only very limited range of shares can be transferred into an ISA: http://www.hmrc.gov.uk/isa/faqs.htm#19

If your are not of the above kind, you would have to sell them and then repurchase them.

Many ISA Managers offer "Bed & ISA" to do this but think carefully. http://www.telegraph.co.uk/finance/personalfinance/investing/isas/9896924/Bed-and-Isa-How-saving-in-an-Isa-could-cost-you-more.html

You can sell your shares in an ISA any time you like, without having to pay any tax. But it is very unlikely that you will find an ISA to be a CGT avoidance scheme for most existing shareholdings.

badger09

R1kusdikus wrote: »

I am very new to stocks and shares ISA's so please excuse me if these questions seem obvious.
I know that after July, you can transfer up to £15000 in stocks and shares, but am very new to this.

I think this is where you've misunderstood

From 1 July you'll be able to save/invest up to £15000 (your 2014/15 ISA allowance) in
a cash ISA
a stocks and shares ISA
or any combination of the above

you will also be able to transfer any existing ISAs
from cash ISA to stocks and shares ISA(as now)
from stocks and shares ISA to cash ISA this is the new bit

Malinois

Archi_Bald wrote: »

Thanks for that link, ColdIron. I see several issues:

1. the performance figures shown are "gross of tax and charges". So they are quite meaningless because they don't show how the ISA performed. Charges could be anything, but all we know is that they are at least 1.25% per annum.
   .
2. leaving this aside, these numbers are way below what an FTSE 250, FTSE 100 or FTSE All Share tracker would have delivered over the last 5 years.
   
   .
3. the loss in 2011 is pretty much a mystery. There was no reason for a well managed portfolio to make a loss in 2011.

I did some quick calculations, using the performance figures of the PM fund, applied to FTSE indexes. I am sure the picture would be similar for other respectable indexes.

FTSE All Share Index
would be £2,575. It was actually £3,533 on 31/12/2013, 37% more.

FTSE 100
would be £5,151. It was actually £6,730 on 31/12/2013, 30% more

FTSE 250
would be £8,919. It was actually £16,020 on 31/12/2013, 79% more

So I will stick with my view that the PM ISA is a terrible product. If you have already deposited, you are pretty much committed to it for this year though because you can't deposit into more than one S&S ISA per financial year, and a transfer would just cost you money.

I have a 30 day get out clause. I have been looking at other products but it's a minefield. I am happy to go high risk on a regular saving of £50.00 per month. It's just a punt on my behalf.


Mal

jimjames

Malinois wrote: »

I have a 30 day get out clause.

On what?

Malinois wrote: »

I am happy to go high risk on a regular saving of £50.00 per month. It's just a punt on my behalf.
Mal

If you are looking for a high risk punt then make sure it is one that gives you the right mix of potential reward for the risk you are taking. No point getting something with no risk and very little reward.

Malinois

On the police mutual ISA

nkomp18

Hi there,

I have a question. I'm normally good with ISAs but recently I visited the bank and they gave me conflicting information so I think I just spoke to someone inexperienced.

My question is regarding this year 2014/2015 and the NISA.

I currently have two different ISAs from previous years and I am thinking of opening the Santander 2.3% 2 year fixed one and transfer both of them into that. However that ISA allows deposits only till May and then after that it gets locked for 2 years.

In that case, I assume I can open a second ISA to deposit the new NISA allowance, right? Someone at the bank told me I can only open 1 ISA per year but I think that is false information. From what I understand I can open as many ISAs as I want, but I can only deposit up to the limit in all of them, isn't it so?

If that's not the case, then I can't imagine how we are supposed to make any deposits after May?

Who can clarify?