ISA guidance - Intelligent Money Private Clients

[Mr Pointy]

Spathodus77 said:

Hi, please can someone help with this question. I have a stocks and shares ISA and enjoy researching companies and selecting those I invest in. For simplicity let’s say my provider charges £10 per trade. If I invest £20k in the ISA and then buy £490 of shares in 40 different companies I will be charged £400 for the trades. This £400 is taken from any cash in the ISA which is not invested at that point. As this cash was never invested can I add another £400 into that ISA in the same tax year? Or would this be viewed as me investing £20,400 in the ISA despite the fact that £400 was never invested?
Thanks in advance.

It will be a charge or cost just like any fund or platform costs that get deducted from your £20k invetsment. I'd suggest you need to find a provider with lower dealing charges.

[mikeiow]

Okay.....I forget how this is done (tsk tsk!)....
If I want to move the money from my GIA to my ISA (inside this years limits!) - is there a single hop mechanism?
Can't see it online
I seem to recall it requiring a message to Coops, but will that happen now the crayons are broken?

[PM3]

Bottom of account summary page ,,,,,, no crayons required

[mikeiow]

PM3 said:

Bottom of account summary page ,,,,,, no crayons required

Ah, brilliant: thanks for the tip (which I am sure I knew once upon a time.....!)

[TR4man]

Perhaps I am wrong, but I thought you had to convert the amount being transferred from your GIA to cash and then choose what fund you wanted to invest in your ISA?

I did it that way last year - perhaps I over complicated it!

[MrOrange]

I have a quick question on limits - yes I know it's £20k per year, but

I had made £16.5k of contributions to the wonderful PHE ISA up to the end of February and then made a request on the 8th of March to reduce the March payment to £500 and, at the same time put £3k into a Cash ISA with H&L. This should have then squared away my contributions fo the year (£17k equities, £3k cash).

But, it now seems that IM took not the requested £500, but my previously setup £1500 from my account. So, I suppose that means I have now over-contributed (£16.5k + £3k + £1.5k) for the year. Doh!

Do you have a solution to this?

On further investigation, I also saw that the contribution leaves my bank on the 14th of the month, yet doesn't arrive in my IM account for another week - what's the story on this?

Edited by MrOrange on Tuesday 21st March 15:45

[markiii]

depends if you mistyped, a Cash SIPP would have no relevance did you mean Cash ISA?

[MrOrange]

markiii said:

depends if you mistyped, a Cash SIPP would have no relevance did you mean Cash ISA?

Ooops. Yes. Cash ISA. Now edited.

[Wonderman]

Any recommendations for Stocks and Share ISA, don't mind if on the higher risk profile as would be the spare cash catch all for the next 10 years rather than a regular saving or large single deposit. Will have a couple K to open with before new financial year, in case makes a difference.

TIA

[forest172]

I’ve put £10k into this years SandS ISA. If I put £10k cash to make up the £20k before the end of the tax year, but keep it as cash. Can I then take the £10k cash back out next tax year and then be able to put the £10k back during that tax year as well as the £20k allowance?

[Simpo Two]

forest172 said:

I’ve put £10k into this years SandS ISA. If I put £10k cash to make up the £20k before the end of the tax year, but keep it as cash. Can I then take the £10k cash back out next tax year and then be able to put the £10k back during that tax year as well as the £20k allowance?

Generally once you take anything out of an ISA it's out. However I think IM's ISAs do allow a temporary withdrawal within the same tax year - check with Nik or Adam.

[forest172]

Just found this on vanguard

The Vanguard Stocks and Shares and ISA is a flexible ISA. That means if you withdraw money from your ISA and pay it back within the same tax year, it will not use any of your allowance.

[Tony Angelino]

Regarding ISA limits for the year, due to a silly cock up on my part (daftly depositing a one off lump sum into my IM ISA rather than into my IM SIPP) I have accidentally gone over the annual allowance limit for my ISA by £9k and am unsure what the consequences of this are.

The money was transferred almost immediately into my SIPP (along with the rest of the funds deposited through the year) if this makes any difference?

I assume there will be some sort of tax charge to punish my stupidity?
Thanks

[Mr Pointy]

Tony Angelino said:

Regarding ISA limits for the year, due to a silly cock up on my part (daftly depositing a one off lump sum into my IM ISA rather than into my IM SIPP) I have accidentally gone over the annual allowance limit for my ISA by £9k and am unsure what the consequences of this are.

The money was transferred almost immediately into my SIPP (along with the rest of the funds deposited through the year) if this makes any difference?

I assume there will be some sort of tax charge to punish my stupidity?

How long was the extra amount in the iSA? It's not clear but if it was only in the ISA for a few days it's possible it won't be noticed.

[Tony Angelino]

Mr Pointy said:

How long was the extra amount in the iSA? It's not clear but if it was only in the ISA for a few days it's possible it won't be noticed.

It landed on 22/3 and was transferred out on 24/3 so 2 days.

thanks

[MickTravis665321]

What's everyone been chucking their ISA allowance in this year? My default is to put it VANGUARD LIFESTRATEGY 80% EQUITY but I'm not sure if it's riding the coattails of a very good 20/21 year.

[The spinner of plates]

Looking at a fixed rate cash ISA for 23/24.

Virgin offering 4.26%, do we think the offers will get better and worth holding out for a bit? Or just click and forget early doors.

[Mr Whippy]

4.26% is pretty good but locked for a year… hmmm.

I see rates continuing to rise.

[The spinner of plates]

I won't need the money for a couple of years, it's actually a 2 year fixed.
Can't see much better out there.

[Condi]

Can you claim tax relief (?) on money lost in an ISA? I was the holder of some Wasps Bonds, which are now basically worth nothing. It's not a life changing amount of money, but is there any tax relief/CGT allowances etc which you can claim, as you would if it was outside an ISA wrapper?