Question regarding ISA limits

Over Clocker

Over Clocker

Over Clocker

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Hi guys.

I take it the annual ISA limit is still £3000?

if you take out money from your ISA, are you allowed to put that back in, as well as the £3000 allowance?

eg you have £10k in an isa, you withdraw £2k. Can you then put £5k in, or just £3k?

Thanks,

Mal
 
3k total investment per year.

Only 3 thousand pounds can go into the account, but your balance can go over 3k over a period of years. Maximum theoretical balance (minus interest) over 3 years would be £9k.
 
Are you allowed more than one ISA? I have one with HSBC but can I have another with Lloyds and Abbey and Natwest etc...
 
Didn't GB raise the limit to £3,600 this year..?

You can only pay in to the limit once every tax year, beit £3,000 or £3,600 (will check for you).

This means that if you pay in £3,000 after April the 5th, you cannot pay in any more for that tax year, regardless of whether or not you take money out.

Example: You have an ISA with £9,000 in it. April the 5th passes, and a new tax year is upon us. On April the 7th you tootle off to the bank to pay in £3,000 (or £3.6k). You cannot pay in any more money until the following tax year. You withdraw £1,000 for something, you (generally) lose the interest on the ISA for that month (or whatever penalties are applied by your ISA supplier - make sure you check before withdrawing, in some cases it can mean losing the interest for the entire year!), and cannot pay that £1,000 back in to top it up at any time in the existing tax year.
 
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tonyyeb said:
Are you allowed more than one ISA? I have one with HSBC but can I have another with Lloyds and Abbey and Natwest etc...
Click to expand...
You are allowed the two seperate types of ISA with different suppliers. You are allowed one Mini-ISA and one Maxi-ISA.

You can only have one Mini-ISA (Cash only, limit of £3,000, rising to £3,600), and you can only have one Maxi-ISA (Either the full £7,000/£7,600 in stocks and shares, or the £4,000/£4,600 in stocks and shares on top of your Mini-ISA) with another supplier.

Hope that helps, its not that clearly worded :p
 
tonyyeb said:
Are you allowed more than one ISA? I have one with HSBC but can I have another with Lloyds and Abbey and Natwest etc...
Click to expand...

Yes as long as the total you pay in each year is not above the limit you can have as many ISAs with as many providers as you want.

For example if you open an ISA with HSBC for the year 05/06 and pay in your 3k, then once April 06 comes around, you can either continue with that or open a new one with someone else. Then when April 07 comes around you have the option of paying into either of your existing two or opening a third....
 
I'm discontinuing last year's Halifax ISA (because the renewal rate for this year was pretty carp)

I then setup a new Egg ISA account for this tax year.

Can I invest the money I get back from my Halifax account into another ISA?
 
platypus said:
You are allowed the two seperate types of ISA with different suppliers. You are allowed one Mini-ISA and one Maxi-ISA.

You can only have one Mini-ISA (Cash only, limit of £3,000, rising to £3,600), and you can only have one Maxi-ISA (Either the full £7,000/£7,600 in stocks and shares, or the £4,000/£4,600 in stocks and shares on top of your Mini-ISA) with another supplier.

Hope that helps, its not that clearly worded :p
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N.B, that's per year (as CF93 said)

e.g. I have 2 Maxi-ISAs with Fidelity, 2 with Invesco Perpetual and 1 Mini-Cash ISA with HSBC.

The rules have also now changed to allow you to move money from the Mini Cash ISA into a Maxi ISA - so I'm going to move the cash into some more stocks and shares.
 
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