We will not respond to any individual feedback you provide in this. If you have a specific question about your account, please contact us. Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future.
This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
What can we help you with? All UK residents aged 16 or over can have a cash Isa, although you must be 18 before you can open a stocks and shares Isa. Crown employees serving overseas or individuals married to such employees are also eligible to open Isas.
Isa rules aren't just about how much you pay in; some accounts are flexible, meaning that you can withdraw money from an Isa account and replace it, without the replacement counting further towards your Isa allowance. If you put it back in the next year, it will count towards your new annual allowance.
You can withdraw money from this account, and - as long as you put it back before the end of the current tax year, and replace exactly the same amount - it won't go towards your current tax year Isa allowance.
You can make a withdrawal from this account, and as long as you replace it by the end of the current tax year, it won't count towards the current year's Isa allowance. Withdrawals you make in this case are firstly taken from whatever money you've deposited in the current tax year. If you withdraw more than you've deposited in the current tax year, then it will be taken from money you've deposited in previous tax years.
When you come to pay the money back in - which, again, you must do before the end of the current tax year - this works the other way around; money you deposit is first used to refill cash Isas from previous years, and then your cash Isa from the current tax year. This flexibility is not compulsory and isn't available on all Isas, so you should always check with your provider before withdrawing any money.
If your Isa isn't flexible, it means that any cash you withdraw loses its tax-free status as soon as it leaves the Isa 'wrapper' account , and even just paying the cash back into the account would count further towards your Isa limit.
It's worth noting that fixed-rate cash Isas require you to keep your money in the account for a certain period of time, so you may face a penalty if you access the money early. There's no specific limit for how many Isas you can hold overall - but you can only pay into one type of each Isa in each tax year we explain this more fully below. You can have several cash Isas, stocks and shares Isas, innovative finance Isas and lifetime Isas, and only pay into one each year - but you can only have one Help to Buy Isa at a time.
In addition to only being able to pay in a certain amount of money in each tax year, another restriction is that you can only pay into one of each kind of Isa in the same tax year. This means you can only make new deposits into one cash Isa if you have a Help to Buy Isa this counts as being your cash Isa option , one stocks and shares Isa , one innovative finance Isa and one lifetime Isa.
If you have a Help to Buy Isa , paying into this will count as using up your cash Isa option for the year. The lifetime Isa is exempt from this rule - regardless of whether you have a cash or stocks and shares lifetime Isa account.
If you've already paid into, say, a cash Isa and see a better rate on the market, you may still be able to take advantage of it by transferring your Isa savings to the new provider. If you're moving money saved in previous tax years, you can choose to move all or part of it to a new Isa without affected your Isa allowance for the current tax year.
Note that not all Isas accept transfers - so check before you apply. Find out more in our guide to how to transfer your cash Isa. Help to Buy Isas closed to new savers on 30 November , but people with existing Help to Buy Isas can continue to save into them. The lifetime Isa is for adults aged only, designed to help them buy their first home or save for retirement.
You can only add savings up to the age of Find out more in our guide to lifetime Isas. Parents and guardians can pay into Junior Isas up to the limit - what they pay in does not come out of their own Isa allowance, as the Junior Isa belongs to the child. Once the child turns 18, the Junior Isa account will be changed to an adult Isa, and the individual can decide on what they want to do with the money. Find out more in our guide to the best Junior cash Isas.
You can put this money into a maximum of one of each type of adult ISA:. Your ISA allowance only applies to the money you put in. Furthermore, the interest earned from your account is completely tax-free and will not count towards your Personal Savings Allowance.
This means that the deadline for using up any remaining allowance is midnight on 5 April. You can't use a previous tax year's ISA allowance in the current tax year. Your remaining allowance does not carry over and you lose it at the end of the tax year.
Therefore, it's key that you plan ahead to ensure you're getting the most out of your ISA limit before the deadline. In the table below, you can find a history of the ISA allowance. There isn't a limit to how many ISAs you can hold at the same time, but you can only pay into one of each type of ISA in a tax year. This means that if you've got more than one ISA of one type, you need to think carefully, as you'll only be able to add new funds to a single account per ISA category.
It should also be noted you can transfer funds subscribed in the current tax year to a new account without adding to your allowance, as long as you move the entire amount including any interest or other returns earned on those funds. It is your responsibility to ensure you do not exceed the annual ISA Limit in any tax year. For the majority of ISA products, any cash you withdraw loses its tax-free status. In other words, if you add those funds back later they will again count towards your overall ISA allowance.
This is why, if you want to move your funds to a new ISA, you should go through the proper ISA transfer process rather than withdrawing and re-subscribing your funds.
0コメント