Post by poppyland on Apr 1, 2017 16:07:25 GMT
I'm a bit unsure how it works with ISA allowances, so would be grateful if one of you experts could fill me in.
My husband has a cash ISA with about 8k in it. It seems he is allowed to put another 14k in this tax year, and I have just sold down some of our SS investments so that we can do this. We have a bunch of money in SS and FS, and are planning to open IFISAs with Funding Secure for both of us once they become available.
Firstly, am I right in thinking if we transfer the permitted 14k from SS into the existing ISA before 5 April, we can then pull it out again a few days later and put it back into SS for a while and still have it count as ISA money from the old tax year?
Secondly, will my husband still have the 2017-2018 ISA allowance fully available?
Thirdly, will we then be able to transfer all of the 8k + 14K = 22K into a new IFISA that he opens? This would then give him 37k in total in an IFISA, and 15k for me if I start an IFISA in the new tax year, which would be great, as he is a (just over the margin) higher rate tax payer, and I am a lower rate payer, and so it would save us a ton of tax.
Any comments/thoughts gratefully received!
My husband has a cash ISA with about 8k in it. It seems he is allowed to put another 14k in this tax year, and I have just sold down some of our SS investments so that we can do this. We have a bunch of money in SS and FS, and are planning to open IFISAs with Funding Secure for both of us once they become available.
Firstly, am I right in thinking if we transfer the permitted 14k from SS into the existing ISA before 5 April, we can then pull it out again a few days later and put it back into SS for a while and still have it count as ISA money from the old tax year?
Secondly, will my husband still have the 2017-2018 ISA allowance fully available?
Thirdly, will we then be able to transfer all of the 8k + 14K = 22K into a new IFISA that he opens? This would then give him 37k in total in an IFISA, and 15k for me if I start an IFISA in the new tax year, which would be great, as he is a (just over the margin) higher rate tax payer, and I am a lower rate payer, and so it would save us a ton of tax.
Any comments/thoughts gratefully received!
