ISA guidance - Intelligent Money Private Clients
Discussion
fat80b said:
B9 said:
If I deposit the 20k back before tax year end.
You can’t. Paying into an ISA in the tax year is limited. Withdrawals don’t matter.
Ie - you can’t pay 20k in , withdraw it, and put it back in again. That would mean you’ve paid 40k in that year which is against the rules
Hi Folks
Looking for a bit of advice on my S&S ISA through Aegon. It was established 20 years ago as part of my then interest only mortgage. I quickly changed the mortgage to a repayment type which has since been paid off. I continued with the ISA as a form of regular savings (it's only £100 per month) and at various points I've cashed in chunks.
There's currently circa £7k in it with £100 per month being added. Over the years I've paid very little attention to it but looking at it recently I don't think it performing particularly well. It was originally set up through Nationwide & has changed across the years and is currently the L&G Future World Sustainable UK Equity Fund via Aegon.
Link to the fund is below.
https://fundcentres.lgim.com/en/uk/institutional/f...
From my limited understanding it hasn't performed particularly well, any suggestions on where I should be looking and what I need to consider?
Many thanks
Looking for a bit of advice on my S&S ISA through Aegon. It was established 20 years ago as part of my then interest only mortgage. I quickly changed the mortgage to a repayment type which has since been paid off. I continued with the ISA as a form of regular savings (it's only £100 per month) and at various points I've cashed in chunks.
There's currently circa £7k in it with £100 per month being added. Over the years I've paid very little attention to it but looking at it recently I don't think it performing particularly well. It was originally set up through Nationwide & has changed across the years and is currently the L&G Future World Sustainable UK Equity Fund via Aegon.
Link to the fund is below.
https://fundcentres.lgim.com/en/uk/institutional/f...
From my limited understanding it hasn't performed particularly well, any suggestions on where I should be looking and what I need to consider?
Many thanks
Don't think about posting in this thread. Will pm Nick @ IM on money re my query on this thread re selling shares in an old S&S's ISA then transferring cash into a new cash ISA after I have already opened a cash ISA in this tax year
Link to thread
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Link to thread
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Edited by twokcc on Sunday 28th January 06:27
twokcc said:
Don't think about posting in this thread. Will pm Nick @ IM on money re my query on this thread re selling shares in an old S&S's ISA then transferring cash into a new cash ISA after I have already opened a cash ISA in this tax year
Link to thread
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Hi twokccLink to thread
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Edited by twokcc on Sunday 28th January 06:27
My e-mail is nik.burrows@intelligentmoney.com
For this tax year 23/24 you can only contribute to one S&S ISA and one Cash ISA per tax year, so if you have made contributions to a Cash ISA already this year you won't be able to open another one until April 6th 2024. Ironically from that point the new ISA rules will be in-place which will allow multiple ISA to be contributed to in a tax year.
Your current provide may have a money market option within the S&S ISA that may offer you an option that is similar to cash in the meantime.
Hope that helps
Cheers
Nik
xerawh said:
IM team,
Are your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?
Thanks.
Yes they are, I’ve done the same this yearAre your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?
Thanks.
B9 said:
xerawh said:
IM team,
Are your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?
Thanks.
Yes they are, I’ve done the same this yearAre your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?
Thanks.
This may be a basic one but I can't find a clear, simple explanation as yet !
My situation is I put £20k into a Santander fixed rate cash ISA in the 23/24 tax year. That has just matured and I now have the £20k plus interest sitting in the Santander cash ISA which is only paying 1.2%.
For this year i.e. 24/25 I've opened another Cash ISA (trading 212) with another £20k paying 5.2% (or thereabouts).
I have no previous ISAs before 23/24.
Obviously I don't want to leave the £20k Santander sitting at 1.2%. Can I move the £20k 23/24 investment into another providers ISA which pays more than Santander, given that I have opened a 24/25 cash ISA and used full allowance. I assume that I Can, otherwise how to you optimise each year and get to multiple £20k's ?
Any advice appreciated.
My situation is I put £20k into a Santander fixed rate cash ISA in the 23/24 tax year. That has just matured and I now have the £20k plus interest sitting in the Santander cash ISA which is only paying 1.2%.
For this year i.e. 24/25 I've opened another Cash ISA (trading 212) with another £20k paying 5.2% (or thereabouts).
I have no previous ISAs before 23/24.
Obviously I don't want to leave the £20k Santander sitting at 1.2%. Can I move the £20k 23/24 investment into another providers ISA which pays more than Santander, given that I have opened a 24/25 cash ISA and used full allowance. I assume that I Can, otherwise how to you optimise each year and get to multiple £20k's ?
Any advice appreciated.
Inspectorclueso said:
This may be a basic one but I can't find a clear, simple explanation as yet !
My situation is I put £20k into a Santander fixed rate cash ISA in the 23/24 tax year. That has just matured and I now have the £20k plus interest sitting in the Santander cash ISA which is only paying 1.2%.
For this year i.e. 24/25 I've opened another Cash ISA (trading 212) with another £20k paying 5.2% (or thereabouts).
I have no previous ISAs before 23/24.
Obviously I don't want to leave the £20k Santander sitting at 1.2%. Can I move the £20k 23/24 investment into another providers ISA which pays more than Santander, given that I have opened a 24/25 cash ISA and used full allowance. I assume that I Can, otherwise how to you optimise each year and get to multiple £20k's ?
Any advice appreciated.
Absolutely yes!My situation is I put £20k into a Santander fixed rate cash ISA in the 23/24 tax year. That has just matured and I now have the £20k plus interest sitting in the Santander cash ISA which is only paying 1.2%.
For this year i.e. 24/25 I've opened another Cash ISA (trading 212) with another £20k paying 5.2% (or thereabouts).
I have no previous ISAs before 23/24.
Obviously I don't want to leave the £20k Santander sitting at 1.2%. Can I move the £20k 23/24 investment into another providers ISA which pays more than Santander, given that I have opened a 24/25 cash ISA and used full allowance. I assume that I Can, otherwise how to you optimise each year and get to multiple £20k's ?
Any advice appreciated.
This is how there are people with hundreds of thousands stored in tax-free ISA - a few years of savings.
BUT: important:
Be sure to do it as an ISA transfer - do NOT cash it in and hope to invest it.
You might be able to move it to the same one you opened for 24/25.
FWIW - my view is that cash ISAs are a waste of time unless they are for just a year or two - invest in a S&S ISA and pick a broad low cost global tracker - but that is just my opinion!
mikeiow said:
Absolutely yes!
This is how there are people with hundreds of thousands stored in tax-free ISA - a few years of savings.
BUT: important:
Be sure to do it as an ISA transfer - do NOT cash it in and hope to invest it.
You might be able to move it to the same one you opened for 24/25.
FWIW - my view is that cash ISAs are a waste of time unless they are for just a year or two - invest in a S&S ISA and pick a broad low cost global tracker - but that is just my opinion!
Thanks for this, I'll look at this with the 24/25 provider, but note the transfer option.This is how there are people with hundreds of thousands stored in tax-free ISA - a few years of savings.
BUT: important:
Be sure to do it as an ISA transfer - do NOT cash it in and hope to invest it.
You might be able to move it to the same one you opened for 24/25.
FWIW - my view is that cash ISAs are a waste of time unless they are for just a year or two - invest in a S&S ISA and pick a broad low cost global tracker - but that is just my opinion!
RE the cash, I do need to look at a S&S for the longer term, essentially, I'm just trying to protect some cash from tax for a year or so. And I'm never keen on the downside risk on S&S, but accept that also limits upside potential !
Inspectorclueso said:
Thanks for this, I'll look at this with the 24/25 provider, but note the transfer option.
RE the cash, I do need to look at a S&S for the longer term, essentially, I'm just trying to protect some cash from tax for a year or so. And I'm never keen on the downside risk on S&S, but accept that also limits upside potential !
I was the same many years ago. RE the cash, I do need to look at a S&S for the longer term, essentially, I'm just trying to protect some cash from tax for a year or so. And I'm never keen on the downside risk on S&S, but accept that also limits upside potential !
We once had a multi-year (I think 5) Virgin cash ISA when the rate seemed good….then after 5 years, realised how badly it had performed compared with our other ‘little’ S&S savings
Vowed never again (unless you are very likely to need the cash within that short term).
That year or two may turn into four or five, & (generally) the S&S markets power ahead at that point on average….
S&S is always about “time in the markets”.
That’s just my view/perspective/experience, FWIW: after a few decades of investing.
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