So basically do I have to close one ISA if I open up another one in the following year? i.e. can I keep my 2005-2006 ISA open and open up another one for 2006-2007?
Do not answer if you don't know.
2007-04-20 00:06:15 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
Yes. You can open a new ISA each tax year with a new instution and retain the old one. You may, however, want to consider using the fund supermarkets for the investment ISAs, as this makes admionistration much easier.
Basically a fund supermarket gives you access to a much larger collection of funds and managers and you can switch easily between them if you wish rather than having to go through the whole ISA transfer process.
Someone else has identified the differences in types of ISA already so the only bit to add is that the limits are changing next tax year and you will be able to switch cash ISAs into investment ISAs in 2008.
Hope this helps :)
2007-04-20 02:06:08 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Yes you have a new one each year. However you can't pay any more money into your 2005-2006 one. It will remain open with the money gaining interest until you close it.
2007-04-20 00:10:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
definite. They key element regardless of the fact this is that in case you have say 3 diverse money mini-ISAs, you're merely allowed to make a contribution to a minimum of considered one of them in any tax twelve months. bear in mind you additionally could make a contribution to the two a mini money ISA and a mini shares and shares ISA interior the comparable tax twelve months.
2016-12-26 16:16:31 · answer #3 · answered by barakat 4 · 0⤊ 0⤋
Yes you can open a new one every year, in addition to those you opened in previous years.
You can also transfer one or more of them to other providers, any time.
The only restrictions are:
1) You can only open one per year and
2) Any money you take out you cannot put back.
2007-04-21 03:43:58 · answer #4 · answered by Anonymous · 1⤊ 0⤋
For the 'maxi' ISA's (i.e. max £7,000 type)
.. each year you can EITHER
ADD to (one of) your existing maxi ISA's OR
start ONE new maxi ISA.
(you can have 2 mini's, but they must be of different types and max. of £3000 each)
2007-04-20 01:33:22 · answer #5 · answered by Steve B 7 · 0⤊ 1⤋
Do you mean IRA? Individual retirement account?? Your attitude may turn folks off.
2007-04-20 00:48:26 · answer #6 · answered by plumbric2 1 · 0⤊ 1⤋