ptoper
New Member
Posts: 3
Likes: 1
|
Post by ptoper on Feb 6, 2020 23:03:47 GMT
I understand that i can open another new IFISA with another platform on the next financial year, but what I'm not clear is will my current IFISA's interest that will be re-invested monthly counted as part of the annual £20k allowance for the ISA on the next finanical year?
I want to stop contributing into my current IFISA and set it to automatically re-invest the interest within IFISA, and start contributing new money into the second IFISA starting next fianacial year.
|
|
|
|
Post by Ace on Feb 6, 2020 23:07:11 GMT
I understand that i can open another new IFISA with another platform on the next financial year, but what I'm not clear on is will my current IFISA's interest that will be re-invested counted as the annual £20k contribution on the next finanical year?
I want to stop contributing into my current IFISA and set it to automatically re-invest the interest within IFISA, and start contributing new money into the second IFISA starting next fianacial year.
Interest earnt within an investment does not count as part of the £20k allowance. It's fine to have many old ISAs earning interest (or other income or capital gains).
|
|
|
|
Post by Ace on Feb 6, 2020 23:10:26 GMT
Also, you can open as many ISAs as you like whenever you like. You can also transfer as much old ISA cash into these new ISAs whenever you like. It's just that you can only put new cash into one of each ISA type per financial year.
|
|
ptoper
New Member
Posts: 3
Likes: 1
|
Post by ptoper on Feb 6, 2020 23:11:34 GMT
Thank you for your quick response. That's good to hear and clears my confusion.  |
|
|
|
Post by Ace on Feb 6, 2020 23:43:03 GMT
You're welcome ptoper . Sorry, I only just noticed it was your first post. Welcome to the forum. Just in case it wasn't clear, I meant the terms "old cash" and "new cash" to distinguish between; cash that was originally invested in previous financial years, and cash originally invested in this financial year. |
|
oldtimer
Member of DD Central
Posts: 211 
Likes: 156
|
Post by oldtimer on Feb 7, 2020 7:22:11 GMT
Also, you can open as many ISAs as you like whenever you like. You can also transfer as much old ISA cash into these new ISAs whenever you like. It's just that you can only put new cash into one of each ISA type per financial year. I think I am right in saying you can invest cash in all 3 types of isa in one year as long as the combined total does not exceed 20k
|
|
