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Isas
cartweels
Posts: 2 Newbie
I Have A Stocks And Shares Isa From Previous Years Which I Am Still Contributing To. Can I Take Out A Cash Isa Each Year And Still Pay Into My Stocks And Shares Isa? Advice Would Be Most Appreciated.
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Comments
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You can open either a Mini Cash ISA or a Maxi ISA but not both in the same tax year.
If you have an existing Stocks ISA that you contribute to, you can still open a Mini cash ISA providing that you don't invest or save more than the maximum annual allowance which is currently £7200 (cash portion increased to £3600)
So say you opened a Cash ISA this year and put £3600 into that cash ISA you could then use the remaining allowance of £3600 for your stocks ISA. I also believe that you can now transfer from a Cash ISA into Stocks ISA.
Hope this helps0 -
You certainly can now, as long as the amount you pay in to the two ISAs combined doesn't exceed £7200 with no more than £3600 of that going in to the cash holding.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
There are no more mini and maxi ISAs, thankfully!You can open either a Mini Cash ISA or a Maxi ISA but not both in the same tax year.
If you have an existing Stocks ISA that you contribute to, you can still open a Mini cash ISA providing that you don't invest or save more than the maximum annual allowance which is currently £7200 (cash portion increased to £3600)
So say you opened a Cash ISA this year and put £3600 into that cash ISA you could then use the remaining allowance of £3600 for your stocks ISA. I also believe that you can now transfer from a Cash ISA into Stocks ISA.
Hope this helpsI am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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