Confusion: Martin's ISA guide

moneyandmountains

Hello

Sorry if this has come up before, but I was just reading the following phrase of Martin's ISA guide, on the difference between mini and maxi ISAs:

:Therefore think before opening any ISA, even if you open a mini-cash ISA
:with just a pound at the start of the tax year, there's no going back that
:year, you're on the mini route. And if you later decided you wanted to
:invest the maximum £7,000 in shares that year, you'd find £4,000 of
:your shares allocation had gone.

Should the above read, "you'd find £3000 of your shares allocation had gone"

After all, a mini-shares ISA allows the investment of £4000, so only £3000 of the £7000 total has gone on the mini-cash ISA.

Andrew

carnet

Haven't read the guide but, if that's what it says then, yes, it would seem incorrect.

isasmurf

I think this might be a hangover from the rule changed in April which has been overlooked by the MSE staff.

As things presently stand if you invest £3,000 in a Mini Cash ISA then you can invest £4,000 in a Mini Shares ISA, but not anything in a Maxi ISA. Before the rule change in April you could only invest £3,000 in a Mini Shares ISA so saving in a Mini Cash ISA meant that you lose £4,000 that you could invest in Shares if you had gone done the Maxi ISA route.

Yes I think it is incorrect. I'll bring it to the attention of the site staff.

MSE_Martin

cheers for this - quite correct, i'd done the changes in m'book but not here!