Can I transfer my cash Isa pot into a stocks and shares Isa?

By -
6

View comments

I have £5,640 in a cash Isa for the current tax year, 2012-13, and £5,640 in an investment Isa.

In April, when my one-year fix expires, I would like to transfer the cash Isa funds into the investment Isa. Is that possible?

I would also like to use the whole of my 2013-14 Isa allowance (whatever that is) for investing in stocks and shares.

Can I also do this with the investment Isa wrapper that I already have? Via e-mail.

Joe O’Shea, a chartered financial planner at the Private Office, says: ‘The Isa rules state that you can transfer your cash Isa into a stocks and shares Isa at any time, although do remember that you can’t transfer back into a cash Isa once this move has been made.

With regard to next year’s Isa, the full allowance will be £11,520. You can use the same Isa provider and purchase the same underlying fund or share as you currently have, but technically it will be a separate Isa in order to differentiate the tax years - and any valuation is likely to show this.

  Essential Isa reading: Best savings rates: Cash Isas, fixed rate Isas, regular savings Isas Could swingeing cuts to savings rates make 2013 the worst cash Isa season ever? HOW TO PICK THE BEST ISA: Everything you need to know about cash accounts & stock market funds

GOT A BURNING ISA QUESTION? PUT IT TO OUR EXPERTS

With the new tax year beginning 6 April 2013 allowing a fresh batch of Isa cash, savers are sure to have questions when it comes to their Isa pots.

If you have a question to put to our experts, e-mail: lee.boyce@thisismoney.co.uk with the subject line 'Isa expert'

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

By -
Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various ...
Read more

Edinburgh Napier University Admission Process

By -
International recognition and past situation records of Edinburgh Napier University has made it the dream organization for each yearning understudy. Here is all that you will require to be aware of Edinburgh Napier University, UK's application cycle and cutoff times, assuming you wish to study on here. How to Apply for Admission at Edinburgh Napier University, UK? The official website (www.napier.ac.uk) and the college's international leaflet (International aide) delineates the section necessity for students. Here are the passage prerequisites and application process for Indian students: Undergraduate Entry Students will be qualified to apply, assuming they have finished their Higher Secondary Certificate (HSC) with in general 60+% in Intermediate (10+2) (XII Standard) test. Students are expected to have accomplished 70% or above in English Language in their XII aswell as XI guidelines. Postgraduate Entry Students will be eligible to apply, if they have gained one of t...
Read more

Interest rate cap on credit union is raised

By -
Image
Credit unions will go head-to-head with payday lenders after the Government announced it would raise the cap on interest charges so that unions do not make losses on short-term loans. The Treasury yesterday confirmed it will introduce legislation that from April 2014 would raise the interest rate ceiling on credit union loans from two per cent to three per cent a month following a consultation with lenders. Three per cent a month works out at APR of 42.6 per cent. Currently, restrictions on interest rates mean that while unions can make decent returns on long-term loans, loans of a similar length to those offered by payday lenders tend to operate at a loss. Helping hand: Short-term credit union loans will be more expensive, but more sustainable for unions and still well cheaper than payday loans. Raising the interest cap on the reducing balance of loans will make short-term loans from credit unions more expensive, but at a maximum APR of around 42.6 per cent they will still be si...
Read more