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Tessa's/Troisa's + Isa's
2 Answers
Now that the old Tessa's or Troisa's have become standard Isa's is it possible to spread the annual saving ammount of 3600 pounds over more than one Isa. I am getting conflicting information from the banks.
Some say i can invest in only one others say I can use
more as long as I don't exceed 3600 pounds
Some say i can invest in only one others say I can use
more as long as I don't exceed 3600 pounds
Answers
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You can only invest in one mini-cash ISA in any tax (financial) year.
You could have invested �3,000 in a mini-cash ISA up to 5 April this year and then opened a new mini-cash ISA with a �3,600 limit in the new tax year, which started on 6 April.
You can invest in both a mini-cash ISA and a mini-stocks and shares ISA in the same financial year as long as you do not exceed the maximum limit for each.
You can continue to invest in an existing mini-cash ISA from one tax year to the next ... ... ... as long as you do not exceed the yearly limits.
Hope this helps.
You can only invest in one mini-cash ISA in any tax (financial) year.
You could have invested �3,000 in a mini-cash ISA up to 5 April this year and then opened a new mini-cash ISA with a �3,600 limit in the new tax year, which started on 6 April.
You can invest in both a mini-cash ISA and a mini-stocks and shares ISA in the same financial year as long as you do not exceed the maximum limit for each.
You can continue to invest in an existing mini-cash ISA from one tax year to the next ... ... ... as long as you do not exceed the yearly limits.
Hope this helps.
Well the allowance isn't �3600 - it's �7200. That may be the source of your confusion - the banks are answering a slightly different question to the one you asked.
From the HMRC website:
The annual ISA investment allowance will be raised to �7,200. Up to �3,600 of that allowance can be saved in cash with one provider. The remainder of the �7,200 can be invested in stocks and shares with either the same or a different provider.
ISA savers will be able to invest in two separate ISAs each tax year; a cash ISA and a stocks and shares ISA. Mini and maxi ISAs will no longer exist.
From the HMRC website:
The annual ISA investment allowance will be raised to �7,200. Up to �3,600 of that allowance can be saved in cash with one provider. The remainder of the �7,200 can be invested in stocks and shares with either the same or a different provider.
ISA savers will be able to invest in two separate ISAs each tax year; a cash ISA and a stocks and shares ISA. Mini and maxi ISAs will no longer exist.
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