ISA Question

May 03, 2004 3 Replies
R

This is probably a no-brainer, but everything i have read doesn't seem to clarify this directly. I already have a Maxi ISA that i opened a few years ago, but only have invested in the Cash element.



I have a lump sum to invest, but can't put it into this ISA as Cash as it is over the £3000 allowed in this year.



Can I open a new Cash ISA (mini or maxi) to invest this money, and does that mean that the first Maxi ISA is frozen, or will both accounts continue to run together, allowing me to continue to invest in them both?



Are there any other implications that I need to consider?



TIA.


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P

the ISA limits are contribution limits, so in each tax year you can invest up to the limit of that tax year. The ISAs contiinue to exist in parallel.

So if you don't have a 2004/05 ISA you can use the allowance to the full. Some providers run them as separate accounts anyway, so you end up with an 02/03 ISA, an 03/04 ISA etc at the same place.

Phil

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J

In message , rob writes

Do you mean this? youve just said that you opened it a few years ago, but this suggests that you have put £3k in this year. I think you mean that there is £3k in it, but you havent actually put any more in since

6/4/04. If this is right, then you are OK. The limits refer to your annual contribution, not the balance. So it limits you to contributing £3k per year, not 'having £3k in it per year'.

Assuming what I said above, then yes

No, but you cant put any dosh into this year.

Yes.

No.

Yes, you could invest

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R

thanks for that. it was meant to be a new thread, so sorry to the originator of this thread for barging in!

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