Will I Be Able To Transer Isa Tomorrow?

[chronyx]

Is tomorrow the start of the new financial year? If so does this mean my ISA becomes 'free' again or does it depend on when it was opened?

[WageslaveX14]

No, the personal tax year starts on 6 April: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_10014904

You'll be able to open a new ISA from the 6th onwards, regardless of when you took out your previous one(s).

I used up my 2010/2011 allowance last week, and I'm going to open a new ISA at the end of next week.

Hope that answers your questions.

[chronyx]

No, the personal tax year starts on 6 April: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_10014904

You'll be able to open a new ISA from the 6th onwards, regardless of when you took out your previous one(s).

I used up my 2010/2011 allowance last week, and I'm going to open a new ISA at the end of next week.

Hope that answers your questions.

That's just what I needed to know. Thank you very much!

I don't know what to do with it though. Certainly not put it all back into ISA.

I can never work out from this site if gold is a good idea or not. Got to be better than cash though?

[Butthead]

I don't know what to do with it though. Certainly not put it all back into ISA.

Don't know what to do with what? Put what back into ISA? Your ISA...???

[chronyx]

Don't know what to do with what? Put what back into ISA? Your ISA...???

The cash I have in my ISA at the moment.

[Butthead]

The cash I have in my ISA at the moment.

You're not going to take money out of an ISA to put it back into an ISA are you!? I can't work out whether you're missing the point entirely or if it's just that your posts are badly worded.

Everyone has an annual ISA allowance. That means that every tax year you can put a certain amount into ISA. If you use that allowance then fine, if you don't it's lost but you get a new allowance every year.

Therefore if you already have money in an ISA it is and will remain tax sheltered. On April 6th you get a new allowance, and you can add more to your ISA or start a new one. If you take money out of your ISA and pay it back in you use up some of your new allowance for no benefit, the money was already in an ISA so all you've done is wasted some of the new allowance on money that was already sheltered.

I can't think of an example of a time when it's best to take money out of an ISA and put it back into another one.

[chronyx]

You're not going to take money out of an ISA to put it back into an ISA are you!? I can't work out whether you're missing the point entirely or if it's just that your posts are badly worded.

Everyone has an annual ISA allowance. That means that every tax year you can put a certain amount into ISA. If you use that allowance then fine, if you don't it's lost but you get a new allowance every year.

Therefore if you already have money in an ISA it is and will remain tax sheltered. On April 6th you get a new allowance, and you can add more to your ISA or start a new one. If you take money out of your ISA and pay it back in you use up some of your new allowance for no benefit, the money was already in an ISA so all you've done is wasted some of the new allowance on money that was already sheltered.

I can't think of an example of a time when it's best to take money out of an ISA and put it back into another one.

Ah sorry - I just wondered whether it was worth investing the money elsewhere, or putting it back into an ISA. I will move it from Lloyds to Nationwide too if that is the case.