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    • jimbow25
    • By jimbow25 24th Mar 10, 12:39 PM
    • 328 Posts
    • 122 Thanks
    jimbow25
    • #2
    • 24th Mar 10, 12:39 PM
    • #2
    • 24th Mar 10, 12:39 PM
    Good news though it's a shame they never thought of doing it whilst it was 3,000 for the first 10 years or so.

    I wonder how they'll round it. Or whether it'll be "everyone can invest exactly 5227.50 in a Cash ISA"....
    • wizk1
    • By wizk1 24th Mar 10, 1:12 PM
    • 901 Posts
    • 609 Thanks
    wizk1
    • #3
    • 24th Mar 10, 1:12 PM
    • #3
    • 24th Mar 10, 1:12 PM
    Like everything else in the Budget, it doesn't really help the average Joe. A lot of us don't have several thousand pounds to save. Even if we do, the interest rates are pathetic, even if they are tax-free.
  • tangsman
    • #4
    • 24th Mar 10, 2:01 PM
    • #4
    • 24th Mar 10, 2:01 PM
    When are the government going to increase the FSCS 50K protection limit?
    People who have saved in Cash ISA's from day one and got good interest rates over the years now have over 50K in their accounts. For a government backed savings scheme the saver really should be protected. Thought this matter may have been addressed in the Budget today.
    • Reaper
    • By Reaper 24th Mar 10, 2:44 PM
    • 6,486 Posts
    • 4,841 Thanks
    Reaper
    • #5
    • 24th Mar 10, 2:44 PM
    • #5
    • 24th Mar 10, 2:44 PM
    The government does not set the protection level on the FSCS payments, nor do they provide the funds to pay out. Instead it is funded by its members. Only if the financial institutions agree could the limits be put up and I think that unlikely at present as they have had to cough up a lot recently.
    • cloud_dog
    • By cloud_dog 24th Mar 10, 3:25 PM
    • 4,242 Posts
    • 2,609 Thanks
    cloud_dog
    • #6
    • 24th Mar 10, 3:25 PM
    • #6
    • 24th Mar 10, 3:25 PM
    Like everything else in the Budget, it doesn't really help the average Joe. A lot of us don't have several thousand pounds to save.
    Originally posted by wizk1
    But built up over time then it very much does help the average Joe just maybe not right now. I know itr certainly helps the average Gampy/Ganny Joe.

    Even if we do, the interest rates are pathetic, even if they are tax-free.
    Originally posted by wizk1
    Yes atm they are but but people soon forget the better rates they were receiving and will again, I'm sure.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • STRAWB
    • By STRAWB 24th Mar 10, 3:28 PM
    • 307 Posts
    • 23 Thanks
    STRAWB
    • #7
    • 24th Mar 10, 3:28 PM
    • #7
    • 24th Mar 10, 3:28 PM
    Halifax offered me 2 year fixed at 3.5% today
  • RayWolfe
    • #8
    • 24th Mar 10, 3:32 PM
    • #8
    • 24th Mar 10, 3:32 PM
    Wonder why MSERose does not know that there is a specific ISA Forum.
    No wonder others get it wrong!
    • Old Wrinkly
    • By Old Wrinkly 24th Mar 10, 3:38 PM
    • 4,918 Posts
    • 8,450 Thanks
    Old Wrinkly
    • #9
    • 24th Mar 10, 3:38 PM
    • #9
    • 24th Mar 10, 3:38 PM
    The government does not set the protection level on the FSCS payments, nor do they provide the funds to pay out. Instead it is funded by its members. Only if the financial institutions agree could the limits be put up and I think that unlikely at present as they have had to cough up a lot recently.
    Originally posted by Reaper
    If the EU said 'the new limit is 100K (or more likely 100K Euros), get on and implement it', then it would happen (eventually) whether the financial institutions agree or not.
  • globetrotter2010
    Please bear with me I am now totally confused!

    I have the full years ISA avaliablity for me to use this year ( 2009 2010)( I have no ISA for this year) and want to invest the full amount of cash possible into a cash ISA before the April deadline. I am56 yrs old so can as I understand I can put 5100 into a cash Isa for this year.

    Ok so far so good. I was expecting to do the same after April.
    I presume that is all correct, the bit that confuses me is where it says on this site that for every 1 cash ISA I use I get a 1 reduction in the shares ISA allowance. So I presume if I get a full 5100 cash ISA I am not allowed to buyt any shares ISA?

    Quote "
    The cash Isa rate is rising from 3,600 to 5,100 at the same time, which we already knew. The limits increased by the same margins last October for the over 50s.
    You'll be able to invest up to 10,200 per tax-year in a stocks and shares Isa from April, though for every 1 you put in a cash Isa, you lose 1 in your stocks and shares allowance."


    Can someone tell me who much I can invest this year 2009-2010 and how much next year 2010-2011 in a cash ISA, and likewise if I do want to take the offer of shares ISA's for each year what amount would I be allowed to invest in them for the years 2009-2010 and 2010-2011?



    Sorry to ask an obvious question but I am new to the IS a game.
    Many Thanks
    Mike

    • shrewsaver
    • By shrewsaver 24th Mar 10, 5:46 PM
    • 154 Posts
    • 214 Thanks
    shrewsaver
    Ok so far so good. I was expecting to do the same after April.
    I presume that is all correct, the bit that confuses me is where it says on this site that for every 1 cash ISA I use I get a 1 reduction in the shares ISA allowance. So I presume if I get a full 5100 cash ISA I am not allowed to buy any shares ISA?
    Originally posted by globetrotter2010
    No this is not correct, you have an allowance of 10,200 tax-free (5,100 in a cash isa and 5,100 in a stocks and shares isa).

    However you can put more into a shares isa than a cash isa as long as the 10,200 limit is not exceeded so say you put 7,000 into a stocks and shares isa you can only put 3,200 into a cash isa.

    Hope this helps.
    Save 12K IN 2013 Member #217 3654.88/6,000 (60%)
    Shares: 273.36 (Bought 494.14) 220.78
    SIPP: 5,366.63 (Bought 5,429.44) 503
    S&S ISA: 11,560.70 (Bought 10,537.58) 1,023.12
  • globetrotter2010
    Hi Shrewsaver
    Thanks for the quick reply..

    Basically I could have say, 9000 in a shares isa this would then only allow me to have 1200 in a cash isa for that year giving me the 10200 max allowance for that year.

    I was missing the fact that you can have more than 5100 shares isa with the remainder being taken as a cash ISA if so desired.

    Cheers Mike
    • shrewsaver
    • By shrewsaver 24th Mar 10, 6:03 PM
    • 154 Posts
    • 214 Thanks
    shrewsaver
    Hi Shrewsaver
    Thanks for the quick reply..

    Basically I could have say, 9000 in a shares isa this would then only allow me to have 1200 in a cash isa for that year giving me the 10200 max allowance for that year.

    I was missing the fact that you can have more than 5100 shares isa with the remainder being taken as a cash ISA if so desired.

    Cheers Mike
    Originally posted by globetrotter2010
    Yes, that is correct, you could if you so wished put the whole allowance in the Shares isa.
    Save 12K IN 2013 Member #217 3654.88/6,000 (60%)
    Shares: 273.36 (Bought 494.14) 220.78
    SIPP: 5,366.63 (Bought 5,429.44) 503
    S&S ISA: 11,560.70 (Bought 10,537.58) 1,023.12
  • globetrotter2010
    Many Thanks
    regards
    Mike
    • Old Wrinkly
    • By Old Wrinkly 24th Mar 10, 7:02 PM
    • 4,918 Posts
    • 8,450 Thanks
    Old Wrinkly
    Good news though it's a shame they never thought of doing it whilst it was 3,000 for the first 10 years or so.

    I wonder how they'll round it. Or whether it'll be "everyone can invest exactly 5227.50 in a Cash ISA"....
    Originally posted by jimbow25
    From the various Budget papers :
    6. From 6 April 2011 and over the course of the next Parliament, the annual ISA limits will increase annually in line with RPI. The new annual limits will be rounded to the nearest multiple of 120 so that individuals who save monthly will be able to calculate their monthly savings more easily.

    7. The new limits will be calculated by reference to the RPI for the September before the start of the tax year, and HM Revenue & Customs will announce the new limits as soon as possible after the RPI figure is published, and at least four months in advance of the start of the new tax year in which they will apply.
  • john s
    6. From 6 April 2011 and over the course of the next Parliament, the annual ISA limits will increase annually in line with RPI. The new annual limits will be rounded to the nearest multiple of 120 so that individuals who save monthly will be able to calculate their monthly savings more easily.
    That's quite a good idea. A new one as well I'd wager, given that 5100 / 120 = 42.5

    Or are they only referring to 10,200? I wouldn't have thought people who have the nous (and money) to invest in shares need help with arithmetic :-\
    • realaledrinker
    • By realaledrinker 24th Mar 10, 10:55 PM
    • 1,610 Posts
    • 561 Thanks
    realaledrinker
    When are the government going to increase the FSCS 50K protection limit?
    People who have saved in Cash ISA's from day one and got good interest rates over the years now have over 50K in their accounts. For a government backed savings scheme the saver really should be protected. Thought this matter may have been addressed in the Budget today.
    Originally posted by tangsman
    Nothing to stop you transferring part of the balance to another provider. It's only the current year's subs that have to be transferred in full.
    Ethical moneysaver
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