would it make sense to top my Isa up with the maxim (3000) allowed before April 5?

Answer 1

ISA's are tax free, so if you have a cash isa, then usually yes. You get the maximum allowance each financial year, so you can top up before April 5, and then add the maximum allowance for 2007-08 the next day if you wish.

You cannot backdate contributions, so if you hold off until the next financial year (6th April onwards) the most you can contribute would be the 3000 (again). If you contribute now, then you get to take advantage of the current 2006-07 maximum as well as the 2007-08 maximum.

This assumes that you are only investing in cash ISA's. You can also contribute to a stocks and shares ISA. To do so, you need to take a view as to the way the relevant stock market is heading, so that you can time your investment hopefully when markets are low. This is market timing. This is very subjective and why money managers earn the big bucks. A often touted strategy for the novice investor would be to 'drip-feed' your contributions. This simply means setting up a regular payment, say on a monthly basis. (3000/12 = 250 per month). This would allow you to hopefully buy at times when the market is weak as well as strong over the course of the financial year, and even out the lows and highs.

You, or your adviser, should determine your risk profile. Investments in a cash ISA are seen as low risk as you are always going to get the interest on top of your investment, so always end up with more than you started. Stocks and shares ISA's are higher risk as you can end up with less than that which you invested if the markets are against you.

That said, studies have shown that over longer periods of time say 10 years, stocks and shares nearly always provide greater returns than cash.

You may have to be pretty disciplined to leave your investment alone sometimes, but should always review alternative funds to invest with.

Answer 2

Short answer: yes - although this very much depends on your financial situation.

There are lots of decent ISA offers out there at the moment and if you DON'T "spend" your £3000 before April 5th, you miss out on an awful lot.

ISA rates are usually better than regular savings rates - and obviously, they are tax free. If you have the spare cash, then invest; over the long term, you're laughing.

Just remember: some ISAs penalise those who withdraw quickly or often... So think about your position before you transfer the cash.

I've made use of the full £3000 allowance and I intend to do so next year, too!

[Note: for professional advice, consult an IFA.]

Answer 3

If you have £3000 (e.g. in a different bank account) then it's a very good idea to put this into your isa ONLY if you have not done so in this tax year (6th April-5th April).
Any interest that you get is tax-free and depends on which isa account you have, how much you have in your account and which isa provider you have. You should consider switching isa providers if the interest they charge for this year is not very high which is what I have done only this week, just before the tax year ends next Thursday.

Answer 4

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Answer 5

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Answer 6

Definitely yes. If you put the money in an ISA, you can always take it out afterwards. But if you do not put it in now you cannot put it in later.

Answer 7

No squander it mate. If you don't your children will just spend it when you die on drugs and cider. You are born with nothing and you can take nothing out of this world with you when you die. You will Never have as much money as Paul McCartney or bill gates SO WHY TRY TO.

Answer 8

i already did that last month but like u was wondering will it bring in much bacon when the interest is dished.