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    • mullygrubber
    • By mullygrubber 4th Apr 18, 9:17 PM
    • 13 Posts
    • 3 Thanks
    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    If the money you have paid in, less the money you have withdrawn has been above 0 at any point in the tax year you will have subscribed to that ISA in the tax year.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.
    Originally posted by Alexland
    Hi Alex,

    Apologies for the late reply. Thanks for your help with this! That makes sense.

    I did look on the Virgin website but I seemed to have missed what you just referenced. My bad!
    • Consumerist
    • By Consumerist 5th Apr 18, 2:32 AM
    • 5,103 Posts
    • 2,555 Thanks
    Consumerist
    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?
    Originally posted by Kurenka
    See MSE <Top Cash ISAs> Section 5.

    The rules say only one per tax year but it seems there is a way around them.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • chrisward49
    • By chrisward49 15th Apr 18, 2:41 PM
    • 2 Posts
    • 0 Thanks
    chrisward49
    I have opened a Nationwide isa at 1.3% for this year but have not yet paid in any money, I have now seen the Tesco Isa for 1.6% with a 0.50% bonus which would give me a better return. Can I cancel the Nationwide??
    Last edited by chrisward49; 15-04-2018 at 2:42 PM. Reason: spelling error
    • Consumerist
    • By Consumerist 15th Apr 18, 3:55 PM
    • 5,103 Posts
    • 2,555 Thanks
    Consumerist
    I have opened a Nationwide isa at 1.3% for this year but have not yet paid in any money, I have now seen the Tesco Isa for 1.6% with a 0.50% bonus which would give me a better return. Can I cancel the Nationwide??
    Originally posted by chrisward49
    Yes.

    As far as HMRC is concerned, an ISA is not "open" until you have paid money or transferred funds into it.

    So far, you have only opened the account which you can just ignore providing you do not contribute to it this year. Leave it open or close it as you wish.
    Last edited by Consumerist; 15-04-2018 at 4:09 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • AirlieBird
    • By AirlieBird 15th Apr 18, 4:49 PM
    • 1,039 Posts
    • 850 Thanks
    AirlieBird
    I have now seen the Tesco Isa for 1.6% with a 0.50% bonus which would give me a better return.
    Originally posted by chrisward49
    Where have you seen this? There is no ISA for 1.6% on Tesco's site as far as I can see.
    • Consumerist
    • By Consumerist 15th Apr 18, 6:03 PM
    • 5,103 Posts
    • 2,555 Thanks
    Consumerist
    I have opened a Nationwide isa at 1.3% for this year but have not yet paid in any money, I have now seen the Tesco Isa for 1.6% with a 0.50% bonus which would give me a better return. Can I cancel the Nationwide??
    Originally posted by chrisward49
    Are you sure you are not misreading 1.16% on Tesco's flexible ISA as 1.6% ?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • chrisward49
    • By chrisward49 16th Apr 18, 9:30 AM
    • 2 Posts
    • 0 Thanks
    chrisward49
    Sorry yes my mistake is it 1.16% I missed the 1 out !!!
    • bobby1000
    • By bobby1000 11th Jun 18, 9:31 PM
    • 14 Posts
    • 117 Thanks
    bobby1000
    Hi, hoping that someone can help me. I have been looking online for a few days now and a bit stumped.

    I am currently in a SAYE share scheme with my employer. I have opted for the three year scheme and it ends in July. I'm in a fortunate position that the share price has almost doubled.

    In order to be as tax efficient as possible I want to transfer to an ISA - the Gov UK site states that in order not to pay any capital gains tax I need to transfer my shares within 90 days - however after contacting several investment providers non of them have told me that this service is available.

    Can anyone help me on this? I am really new to this world so a bit stumped as to what to do...can anyone recommend any traders that they know offer this or how I actually do this!
    • david4321
    • By david4321 27th Jul 18, 6:26 PM
    • 3 Posts
    • 1 Thanks
    david4321
    Poor ISA rates
    ISA rates are currently so poor, that you can get a higher net rate from a non-ISA account, even if you have so much interest that you pay tax on it. For example today, the best one-year fixed account is 1.49% for an ISA, but for non-ISA it's 2.00% gross, which is 1.60% net after tax for basic rate taxpayers. I don't know why nearly all banks have much worse rates for ISA than for non-ISA.
    • mije1983
    • By mije1983 27th Jul 18, 6:43 PM
    • 3,555 Posts
    • 20,306 Thanks
    mije1983
    ISA rates are currently so poor, that you can get a higher net rate from a non-ISA account, even if you have so much interest that you pay tax on it. For example today, the best one-year fixed account is 1.49% for an ISA, but for non-ISA it's 2.00% gross, which is 1.60% net after tax for basic rate taxpayers. I don't know why nearly all banks have much worse rates for ISA than for non-ISA.
    Originally posted by david4321

    But not everyone is a basic rate taxpayer.

    • Consumerist
    • By Consumerist 27th Jul 18, 11:17 PM
    • 5,103 Posts
    • 2,555 Thanks
    Consumerist
    . . . I don't know why nearly all banks have much worse rates for ISA than for non-ISA.
    Originally posted by david4321
    Perhaps because ISAs cost more to manage than non-ISAs.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • eskbanker
    • By eskbanker 28th Jul 18, 12:14 AM
    • 9,471 Posts
    • 11,107 Thanks
    eskbanker
    . . . I don't know why nearly all banks have much worse rates for ISA than for non-ISA.
    Originally posted by david4321
    Perhaps because ISAs cost more to manage than non-ISAs.
    Originally posted by Consumerist
    ....and it's not a strictly like-for-like comparison anyway: because of ISA regulations, it must be possible to withdraw money from a one-year fixed ISA during the term (albeit a penalty charge will be applied) but a one-year fixed non-ISA account will typically not allow withdrawals at all.
    • andymixed01
    • By andymixed01 6th Oct 18, 10:49 AM
    • 7 Posts
    • 1 Thanks
    andymixed01
    isa and iht
    Bit late now but my 80 year mate saved several isas over the many years in order to pay for care in later life.
    He passed away about 5 months ago and now the gov is taking 40% of his isa savings for IHT.
    thoughts why did he bother?
    Andy
    • eskbanker
    • By eskbanker 6th Oct 18, 12:25 PM
    • 9,471 Posts
    • 11,107 Thanks
    eskbanker
    Bit late now but my 80 year mate saved several isas over the many years in order to pay for care in later life.
    He passed away about 5 months ago and now the gov is taking 40% of his isa savings for IHT.
    thoughts why did he bother?
    Andy
    Originally posted by andymixed01
    Answer: "in order to pay for care in later life", and hopefully he succeeded in achieving this, by taking advantage of the tax benefits while saving or investing.

    However, ISAs have never been exempt from inheritance tax, so if he'd wanted to minimise that then he should have taken some advice on how to do so earlier on....
    • JohnB47
    • By JohnB47 6th Oct 18, 1:16 PM
    • 1,362 Posts
    • 422 Thanks
    JohnB47
    Hi all. Sorry if this has been asked to death. I have an HSBC cash ISA into which I have paid a small amount this tax year. I now want to open a new cash ISA (paragon Bank) and I've hit the statement "I have not subscribed, and will not subscribe, to another Cash ISA in the same tax year that I subscribe to this Cash ISA".

    I'm planning to move all of the money in my HSBC ISA into the Paragon one and not pay anything more into the HSBC one. Or I could calculate how much I've paid into the HSBC account in this tax year, leave it there and transfer all the rest (and pay any new money only into the new ISA this tax year).

    Is this permitted? I'm not quite sure what the statement above means.

    So, as an example. Say I have 3050 in the HSBC ISA. Only 50 of this was paid in in the current tax year. Can I open a new ISA now and pay any new money into this new ISA? What amount can I transfer to the new ISA?

    Thanks.
    Last edited by JohnB47; 06-10-2018 at 1:35 PM.
    • masonic
    • By masonic 6th Oct 18, 1:54 PM
    • 11,088 Posts
    • 8,599 Thanks
    masonic
    So, as an example. Say I have 3050 in the HSBC ISA. Only 50 of this was paid in in the current tax year. Can I open a new ISA now and pay any new money into this new ISA? What amount can I transfer to the new ISA?
    Originally posted by JohnB47
    Using your example, you must transfer at least the 50 paid in the current tax year (+interest) to a new ISA in order to be able to pay new money into the new ISA. The transfer form will allow you to specify that you want to transfer all of the money relating to the current tax year.

    When you transfer current year money, it is treated as having been subscribed to the new ISA, so you are able to make the declaration about not subscribing to another Cash ISA.
    • JohnB47
    • By JohnB47 6th Oct 18, 2:05 PM
    • 1,362 Posts
    • 422 Thanks
    JohnB47
    Using your example, you must transfer at least the 50 paid in the current tax year (+interest) to a new ISA in order to be able to pay new money into the new ISA. The transfer form will allow you to specify that you want to transfer all of the money relating to the current tax year.

    When you transfer current year money, it is treated as having been subscribed to the new ISA, so you are able to make the declaration about not subscribing to another Cash ISA.
    Originally posted by masonic
    Great, thanks. I used to do this every year but haven't for a while now, so I'm a bit rusty.
    • ghowell13
    • By ghowell13 6th Oct 18, 6:00 PM
    • 4 Posts
    • 0 Thanks
    ghowell13
    Transfer H2B ISA to H2B ISA
    Bit of an odd one, but seen that it is advertised on this website that the Nationwide H2B ISA allows transfers in, however, in reality it doesn't after trying to transfer my H2B ISA to Nationwide.

    I have over the 1200 max initial pay in with another provider, however, I am unable to transfer in the full value to Nationwide. They only allow transfers in to their H2B ISA to a 1200 max, and nothing over. This seems a bit odd, as the scheme rules allow a full value H2B ISA transfer. Anyone else had this issue with Nationwide?

    Thanks.
    • Alexland
    • By Alexland 7th Oct 18, 9:06 AM
    • 4,510 Posts
    • 3,854 Thanks
    Alexland
    I have over the 1200 max initial pay in with another provider, however, I am unable to transfer in the full value to Nationwide. They only allow transfers in to their H2B ISA to a 1200 max, and nothing over. This seems a bit odd, as the scheme rules allow a full value H2B ISA transfer. Anyone else had this issue with Nationwide?
    Originally posted by ghowell13
    Yes we have heard of a few people occasionally getting told this by various providers. It's almost certainly a training issue as this extra limitation is not mentioned on their website. Speak to someone else at Nationwide and hopefully they will tell you the right answer.

    Alex.
    • ejv
    • By ejv 28th Oct 18, 7:28 PM
    • 297 Posts
    • 38 Thanks
    ejv
    Old ISA transfer
    I know there are some restrictions on transfer of current year's ISA.

    Am I allowed to transfer in some old ISA into this year's ISA,which I have already maxed out?
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