transfer ISA

Mar 14, 2008 2 Replies
J

Hi I have a Maxi Stocks and Shares ISA which has actually lost money. I have been putting 50 a month into for the past 8 years and this year the 600 I put into it has only increased the value of the ISA by 300.



So next tax year, 2008/2009 can I transfer this money into a new cash ISA with a different provider and then add another 3600 cash from my partner's bonus or must I transfer it into a new stocks and shares ISA and put my new



3600 into a cash ISA. I do not want to transfer the money into a stocks and shares ISA as we will be needing the money in 2 years time.

Thank you for any info and advice, Janice


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G

Bitstring , from the wonderful person Janice said

You can not transfer money from a stocks ISA into a cash one (although next year you will be able to go the other way). You can put £3600 into a cash ISA next year (and 3k this year, but not if you have a maxi ISA already).

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H

As my IFA regularly tells me: you haven't lost any money at all until you cash in your shares. Although the short term outlook isn't eaxactly promising, it is likely that in the long term you will make money on these investments. Whoever advised you to take out the investment should haver made it clear that there would probably be downs as well as ups.

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