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    • yellowlawn
    • By yellowlawn 23rd Sep 17, 3:52 PM
    • 336 Posts
    • 95 Thanks
    yellowlawn
    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?
    Yellowlawn

    _____________________________________________

    If a man says something in the woods and there are no women there, is he still wrong?
    • Consumerist
    • By Consumerist 23rd Sep 17, 6:11 PM
    • 4,843 Posts
    • 2,388 Thanks
    Consumerist
    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?
    Originally posted by yellowlawn
    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.
    Last edited by Consumerist; 23-09-2017 at 6:21 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • mitco
    • By mitco 30th Sep 17, 7:07 PM
    • 1 Posts
    • 0 Thanks
    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
    • By greenglide 30th Sep 17, 8:19 PM
    • 3,104 Posts
    • 2,020 Thanks
    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
    • By ejv 4th Oct 17, 5:40 PM
    • 294 Posts
    • 38 Thanks
    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
    • By badger09 4th Oct 17, 6:15 PM
    • 6,002 Posts
    • 5,357 Thanks
    badger09
    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
    Originally posted by ejv
    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
    • By ejv 4th Oct 17, 6:35 PM
    • 294 Posts
    • 38 Thanks
    ejv
    Thanks badger09.

    I understand the current ISA rates are terrible. However, if rates get better in future, I would be too late for the bus, isn't it
    • Lungboy
    • By Lungboy 20th Dec 17, 11:12 AM
    • 1,405 Posts
    • 1,346 Thanks
    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
    • By badger09 20th Dec 17, 12:55 PM
    • 6,002 Posts
    • 5,357 Thanks
    badger09
    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.
    Originally posted by Lungboy
    Try the link in the 1st post here, written by a respected forum user

    http://forums.moneysavingexpert.com/showthread.php?t=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
    • By Lungboy 20th Dec 17, 1:13 PM
    • 1,405 Posts
    • 1,346 Thanks
    Lungboy
    Try the link in the 1st post here, written by a respected forum user

    http://forums.moneysavingexpert.com/showthread.php?t=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
    Originally posted by badger09
    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
    Last edited by Lungboy; 20-12-2017 at 2:52 PM.
    • Alexland
    • By Alexland 20th Dec 17, 8:17 PM
    • 2,573 Posts
    • 1,955 Thanks
    Alexland
    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.
    Originally posted by Lungboy
    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.
    Last edited by Alexland; 21-12-2017 at 6:54 AM.
    • Doc N
    • By Doc N 21st Dec 17, 4:48 PM
    • 6,692 Posts
    • 19,570 Thanks
    Doc N
    Quick question - am I right in saying that I can, unusually, make payments to a second ISA provider in the same tax year if it's after a transfer from the original provider to the second provider?
    • Consumerist
    • By Consumerist 21st Dec 17, 4:56 PM
    • 4,843 Posts
    • 2,388 Thanks
    Consumerist
    Quick question - am I right in saying that I can, unusually, make payments to a second ISA provider in the same tax year if it's after a transfer from the original provider to the second provider?
    Originally posted by Doc N
    If you have transferred your current year's ISA to another provider then you can continue to contribute to it up to the current-year limit (20,000).

    If, on the other hand, you have transferred a previous year's ISA to another provider then you cannot make further contributions to it.

    Hope I've understood the question correctly.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Doc N
    • By Doc N 21st Dec 17, 6:51 PM
    • 6,692 Posts
    • 19,570 Thanks
    Doc N
    Thanks - you have.

    I've transferred several years across and I'm wanting to add to this year's. There's a slightly oddly worded declaration to sign before adding any further contributions and it suggests that it's against the ISA rules.

    Didn't seem right and you've kindly confirmed that.
    • Alexland
    • By Alexland 21st Dec 17, 7:06 PM
    • 2,573 Posts
    • 1,955 Thanks
    Alexland
    It's the same ISA you are just transfering it between providers.
    • geoff2
    • By geoff2 24th Mar 18, 8:19 AM
    • 70 Posts
    • 56 Thanks
    geoff2
    The Guide states "You must save or invest by 5 April - the end of the tax year - for it to count for that year. Crucially, any unused allowance doesn't roll over- so if you don't use it, you lose it - forever. You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.".

    This is suggesting you have to open a new ISA account every year. I'm sure that's not true. Can't you just carry on paying into the same one, with your new allowance of 20k?
    • eskbanker
    • By eskbanker 24th Mar 18, 12:12 PM
    • 7,446 Posts
    • 8,018 Thanks
    eskbanker
    The Guide states "You must save or invest by 5 April - the end of the tax year - for it to count for that year. Crucially, any unused allowance doesn't roll over- so if you don't use it, you lose it - forever. You'll get a new allowance the next tax year, but won't be able to contribute anything to the old ISA.".

    This is suggesting you have to open a new ISA account every year. I'm sure that's not true. Can't you just carry on paying into the same one, with your new allowance of 20k?
    Originally posted by geoff2
    Yes, you can carry on paying into the same ISA from one year to the next, regardless of that poor wording, unless it's one of the fixed term products that only allow contributions within a narrow initial window. However, if it's a cash ISA then you should monitor regularly whether or not you can get better rates elsewhere, either within ISAs or in taxable accounts....
    • mullygrubber
    • By mullygrubber 25th Mar 18, 6:07 PM
    • 11 Posts
    • 3 Thanks
    mullygrubber
    If I transfer a Cash ISA from this year into Virgin's Flexible Cash ISA next month (new tax year) and I also open a new Cash ISA with another provider next month, does this mean that:

    a) I can withdraw and replace money in my flexible ISA without being penalised
    b) also pay into the new Cash ISA

    in the next tax year? I am asking because I understand you can only pay into one Cash ISA in a year but with a flexible ISA, I wouldn't be "paying in" new money (strictly speaking).

    Thanks in advance!
    • Alexland
    • By Alexland 26th Mar 18, 11:59 AM
    • 2,573 Posts
    • 1,955 Thanks
    Alexland
    If I transfer a Cash ISA from this year into Virgin's Flexible Cash ISA next month (new tax year) and I also open a new Cash ISA with another provider next month, does this mean that:

    a) I can withdraw and replace money in my flexible ISA without being penalised
    b) also pay into the new Cash ISA

    in the next tax year? I am asking because I understand you can only pay into one Cash ISA in a year but with a flexible ISA, I wouldn't be "paying in" new money (strictly speaking).
    Originally posted by mullygrubber
    Sorry for the delay I was hoping someone would reply who knows the Virgin products better. Still looking at their FAQ:

    https://uk.virginmoney.com/virgin/isa/flexible-isa/

    "How do I know if I've subscribed to my ISA?

    In each tax year (6 April - 5 April) you can split your ISA allowance across four types of ISA (cash, stocks and shares, Innovative Finance and Lifetime ISA) but you can only subscribe to one ISA of each type.

    If the money you have paid in, less the money you have withdrawn has been above 0 at any point in the tax year you will have subscribed to that ISA in the tax year. This means you can't subscribe to another ISA of that type in the tax year.
    "

    Essentially next tax year you would have a Virgin Flexible ISA containing contributions from the previous tax year(s) from which you can make withdrawals and then replace the money. As long as you always do the withdrawals before the replacement you will not have been considered to subscribed to the ISA within the tax year. As such you can subscribe to another Cash ISA for that year.

    Alex.
    Last edited by Alexland; 26-03-2018 at 12:01 PM.
    • Kurenka
    • By Kurenka 1st Apr 18, 5:51 PM
    • 11 Posts
    • 4 Thanks
    Kurenka
    First of all apologies if this has already been covered...

    I currently have a Help to Buy ISA and I have a house purchase going through in the next month or 2.
    If I pay into my H2B ISA in the 2018/19 Tax Year then close it, can I open a new ISA and start making payments into that in the same tax year, or would the fact that I've already paid into an ISA stop me from doing that even though it has since been closed?
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