Full ISA Guide Discussion Area

Consumerist

yellowlawn wrote: »

How many ISA's can one person have in a tax year? If I have an ISA that I pay a monthly sum into, is there a monthly limit I can pay in? For example if I pay £30 pm into an ISA. Could I increase that monthly amount to £100 or £200 pm etc?

You can pay into only one cash ISA in any tax year but you can have a cash ISA and a stocks and shares ISA into which you can pay a total of £20,000 between them in this tax year.

If you have only a cash ISA this year and you don't want to subscribe to a S&S ISA then you can pay in a total of £20,000 throughout the tax year (i.e. until 5 April 2018).

Edit
I'm assuming here that you don't have a Regular Saver type ISA whose terms are set by the manager at the outset. Some institutions have linked cash ISAs e.g. a fixed and a variable which are considered by HMRC as a single ISA, by the same manager, for tax purposes.

mitco

Last year I took advantage of the £15,240 tax free investment and invested £15,240 in a Stocks & Shares ISA. This year the tax free limit has been raised to £20,000 so I am wanting to take advantage of this and add more into my Stocks & Shares ISA. However, I'm trying to work out how much more I am allowed to add to it.
1. Is it taken from the original amount I added £15,240 - so I can add in an additional £4,760? OR
2. It is now valued at £15,596.70, so does that mean I can only add an additional £4,403?

On the guidance of this website, it states that I can have the maximum tax free amount plus the gains (interest or investment returns) made each year, so from that I would think I can work from the original investment and follow point 1 above and invest an additional £4,760.

greenglide

The ISA limit for 2017/2018 is £20,000. This means you can put £20,000 into ISAs this year. Previous years contributions don't reduce this.

ejv

I've applied to Virgin ISA this year, but haven't put a penny in as it is delayed as they want my identification documents.

Am I allowed to apply for another provider (Charter savings with slightly better rate) and remit the savings with them?

Should I cancel the application with Virgin before applying to another?

Thanks in advance

badger09

ejv wrote: »

I've applied to Virgin ISA this year, but haven't put a penny in as it is delayed as they want my identification documents.

Am I allowed to apply for another provider (Charter savings with slightly better rate) and remit the savings with them?

Should I cancel the application with Virgin before applying to another?

Thanks in advance

Briefly, you can open as many cash ISAs as you wish but you can only pay 'new money' into one. As long as you haven't paid anything into your Virgin, or any other, cash ISA since 6th April 2017 then you can apply for, and pay into, one with Charter.

Are you sure a cash ISA is the best home for your savings at the moment?

ejv

Thanks badger09.

I understand the current ISA rates are terrible:mad:. However, if rates get better in future, I would be too late for the bus, isn't it:think:

Lungboy

I'd like to start an S&S ISA with a small monthly deposit of £50 or so, rising in August when a sharesave scheme ends. I'm finding it very hard to compare costs in this situation using things like Monevator's comparison tool. Are any of the platforms significantly cheaper than the others for this kind of investment? I'll be looking to buy VLS/HSBC Global/L&G MI5 etc. each month with the deposit.

badger09

Lungboy wrote: »

I'd like to start an S&S ISA with a small monthly deposit of £50 or so, rising in August when a sharesave scheme ends. I'm finding it very hard to compare costs in this situation using things like Monevator's comparison tool. Are any of the platforms significantly cheaper than the others for this kind of investment? I'll be looking to buy VLS/HSBC Global/L&G MI5 etc. each month with the deposit.

Try the link in the 1st post here, written by a respected forum user

https://forums.moneysavingexpert.com/discussion/5583030

Also, if you're looking at VLS, Vanguard's own ISA might be a good bet, but you'd be restricted to their products.

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa

Lungboy

badger09 wrote: »

Try the link in the 1st post here, written by a respected forum user

https://forums.moneysavingexpert.com/discussion/5583030

Also, if you're looking at VLS, Vanguard's own ISA might be a good bet, but you'd be restricted to their products.

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa

Thanks for the link. Sorry for being dense, but if I'm putting (for example) £50 a month in, is the value to put into the spreadsheet 50 or 600? I'd rather not go for the Vanguard ISA in case I want to add other products later.

e: it's the latter

Alexland

Lungboy wrote: »

I'd like to start an S&S ISA with a small monthly deposit of £50 or so, rising in August when a sharesave scheme ends. I'm finding it very hard to compare costs in this situation using things like Monevator's comparison tool. Are any of the platforms significantly cheaper than the others for this kind of investment? I'll be looking to buy VLS/HSBC Global/L&G MI5 etc. each month with the deposit.

Have a look at Cavendish Online where the platform fee is a total of 0.25% including fund trades. This is a bit higher than Vanguard Investor at 0.15% but still very competitive for greater choice compared to the market leader Hargreaves Lansdown at 0.45%. Some like AJ Bell YouInvest will charge 0.25% plus £1.50 per trade.

https://www.cavendishonline.co.uk/investments/

Cavendish minimum regular contribution is £50 (although someone mentioned they might do less if you have an existing account and ask nicely) and Vanguard Investor minimum is £100 so might not be suitable. Not tried them myself but they seem a good option for your requirements and others seem happy with them.

Alex.