ISAs - some basic questions

As long as you haven't paid any money into Virgin this year, there is no problem. You don't need to transfer your existing ISA.

If you are paying in this on a regular basis (i.e. monthly), then you need to stop now and start a new one with a new provider in the 2006/7 tax year.

If you pay £1 into a mini-cash or mini-stocks and shares ISA after 6 April, then you cannot open another of these with a new ISA provider (although you can transfer these between providers).

If you not paid anything since 2001, you can do pretty much what you want.

J>

Thanks Jonathan and Neil.

Do the Cash and Stocks & Shares components get treated separately? Can I continue paying into the Stocks & Shares component of my Virgin ISA, but not pay into the Cash component, and start another Cash Mini ISA elsewhere?

As far as I am aware, these are seperate components - i.e. you should be able to use the Mini Stocks & Shares ISA with Virgin, then do a mini Cash ISA elsewhere.

However, I don't know exactly how Virgin structure their products, so it would'nt hurt to check with them first.

Thanks, I've checked with Virgin, and they say that I can't do that - but they will open Mini Stocks & Shares ISA for me for this year, so I can use that in addition to a Mini Cash ISA from another provider.