ISA allowance deadline

[redrabbit]

I should know the answer to this, but can't find a straightforward one...

If I invest 20k in a cash ISA today, to use my 2021 allowance, can I reallocate the funds to shares next week (or later) with no other consequences?

Basically, I want to make sure I don't lose the allowance, but don't know want to invest in yet.

[bitchstewie]

redrabbit said:

I should know the answer to this, but can't find a straightforward one...

If I invest 20k in a cash ISA today, to use my 2021 allowance, can I reallocate the funds to shares next week (or later) with no other consequences?

Basically, I want to make sure I don't lose the allowance, but don't know want to invest in yet.

Yes but of course you'll probably lose some time waiting whilst the ISA is transferred to whoever you want to use for the S&S ISA.

The only thing I can think of is whether your existing provider can do part transfers i.e. if you have £60K in the cash ISA and only want to transfer the £20K but I can't imagine that should be a problem.

[2 GKC]

Can’t you just put it in an S&S ISA as cash and invest it when ready?

[alistair1234]

You can put the money in now to use the allowance, then invest it after 6/4 without consequence yes. It’s when you put the money in, not when you invest.

[redrabbit]

2 GKC said:

Can’t you just put it in an S&S ISA as cash and invest it when ready?

Thanks for this, I didn't know you could do that. If you can, then that's the answer for my purposes. Will take a look. Thanks again!

[Welshbeef]

Will a faster payment actually make it today? Sunday and Monday closed then into 2021/22 year.

[xeny]

Certainly the web interface for at least one of mine will take payments via debit card, and they emailed me saying they were open 9-5 today and midday to midnight on Monday.

[bitchstewie]

xeny said:

Certainly the web interface for at least one of mine will take payments via debit card, and they emailed me saying they were open 9-5 today and midday to midnight on Monday.

That's my assumption too but that if you're trying to open a new ISA good luck with doing that and getting the money in in time.

[98elise]

redrabbit said:

2 GKC said:

Can’t you just put it in an S&S ISA as cash and invest it when ready?

Thanks for this, I didn't know you could do that. If you can, then that's the answer for my purposes. Will take a look. Thanks again!

You definitely can do that. When I put money into my S&S ISA it asks if I want to choose funds/shares now, or later. If later it just sits as cash ready to be invested.

[Bobtherallyfan]

I’d be pretty confident you could open a Hargreaves Lansdown stocks and shares ISA now.