How many ISA's can i have??

GeorgeUK

A colleague had a tessa that was transferred into a fixed rate toisa which is now coming to an end. She has been told by her building society that they will transfer it into a fixed rate ISA, but she already has a fixed rate ISA (Continues one taken out a few years ago, allowing it to carry over).

She's a little confused as she didn't think she could have 2 of them.

I've never dealt with these. If anyone has any comments, suitably dummed down for me, I would be grateful.

CLAPTON

you can have one each year .. i can't remember when they started but by now you could probably have 10 or more.

GeorgeUK

So when you say you can have one each year, that means you can start a new ISA each year and keep any old ones rolling over? This is where we were getting confused about having 2 ISA's.

Thanks for that Clapton.

Baldur

GeorgeUK wrote: »

So when you say you can have one each year, that means you can start a new ISA each year and keep any old ones rolling over?

Yes - rolled over and/or transferred to different ISA providers if required - e.g. where an ISA product becomes uncompetitive.

As of April 6th 2008, TOISAs ceased to exist, automatically becoming Cash ISAs - see HERE.

This conversion will not affect your colleague's other ISA(s) or current year's allowance as it is basically just previous years' ISA funds being transferred to her new choice of product.

isasmurf

You can hold 1 million ISAs if you want to. You can only put money into one cash ISA and one stocks and shares ISA in each tax year

Baldur wrote: »

As of April 6th 2008, TOISAs ceased to exist, automatically becoming Cash ISAs

You meant to say 5th April 2004.;)

GeorgeUK

Thanks guys. I'll be able to explain that to her

Oblivion

isasmurf wrote: »

You meant to say 5th April 2004.;)

Surely TESSAs ceased to exist in April 2004, and rolled over into TOISAs. TOISAs ceased to exist in April 2008 becoming redesignated as Cash ISAs.

Dave.

Baldur

isasmurf wrote: »

You meant to say 5th April 2004.;)

Agreed that, effectively, from that date they were treated like the now-defunct 'Mini Cash ISA', but officially (as per HMRC link given above) - "ISA rules are changing from 6 April 2008......TESSA-only ISAs (TOISAs)...... will automatically become cash ISAs."