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Confused about ISAs - help!

1 reply

beanybean · 04/10/2009 19:40

I understand that you get a tax free allowance every year to put into a cash isa but what I don't get is if you take out a new isa every year (and therefore have lots of them) or if you just transfer your isa (if you can) to a new one each year and add your tax free allowance to it for the year. I'm probably being really stupid so hoping someone can explain this to me.

OP posts:
Ivykaty44 · 04/10/2009 19:44

You can get a new isa each year

you can put into the same isa on year 1, 2, 3, 4, and so on

you can put in isa 1 and then the following year go to another bank and get another isa - as long as you only get one isa per year

you can pick a new isa and then transfer all the previous ones inot your new pone - if you want and the bank allows

you can have cash isa and shares isa

you can pick different share isa'a and have cash somewhere else

next year -april the tax allowence goes up to £5.100k for the cash part and same for share part

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