ISA advice wanted

If you have contributed to an ISA during the 2006/7 Tax Year (even £1), you can't start a new one until April 6. You can transfer between ISA's, but if you cashed it in, you ned to wait until you can open a new one.

However, if you were using Mini ISA's, say a Mini Cash ISA, you could still open a Mini Stocks and Shares ISA, and vice versa, but not another one of the same type.

Rgds Neil.

What do you mean "Thank you Ronald"? Were you so confident I would answer?

Your mistake was to close it. You should have just withdrawn most of the money from the account but left it open, which would have meant you could later (i.e. now) continue contributing, so long as the total you put in between now and 5th April 07, plus what you had put in between 6th April 06 and when you stopped, would not exceed £3k.

So you need to wait until 6th April, because the rules don't allow you to pay into two different mini cash ISAs in the same tax year. It may, however, be worth checking with the organisation with which you had the ISA which you closed, to see if they can resurrect it somehow. That would let you use up your remaining 2006-07 allowance.

I think he meant - 'Thank You' - and that his name is Ronald so he signed off using it. ;)

I know. I was trying to point out subtly that what he wrote was ambiguous. A line break would have put the signature on a line by itself, which would have made it clearer that that's what it was.