The Lemon Fool

Hi Folks,

It's ISA time. I have two existing ISAs pre 2022/23. One stocks and shares and one cash. I haven't put any new money into them this tax year 2022/23. Can I put money into both e.g. £10,000 in each or can I only put money into one of them this tax year? They both will let me put money in.

Cheers,
Ray.

raybarrow wrote:I have two existing ISAs pre 2022/23. One stocks and shares and one cash. I haven't put any new money into them this tax year 2022/23. Can I put money into both e.g. £10,000 in each...

Yes.

Although this would not be a "transfer", it would be a "subscription".

Hi Xfool,

Oooops! I meant new money, from my savings, so subscription, not a transfer.

Ray.

'Putting money into an ISA

Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April.

You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.

You can only pay £4,000 into your Lifetime ISA in a tax year.

Example
You could save £15,000 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.

Example
You could save £11,000 in a cash ISA, £2,000 in a stocks and shares ISA, £3,000 in an innovative finance ISA and £4,000 in a Lifetime ISA in one tax year.'

https://www.gov.uk/individual-savings-a ... -isas-work

T

Hi T,
Very informative. I understand on death ISAs can be transferred to a spouse, subject to a few condition. I also see that I can transfer money from a Cash ISA to a Stocks and Shares ISA.
Can I transfer money from a Stocks and Shares ISA to a Cash ISA. Obviously I would have to sell shares to produce cash, and I can't think of a good reason to do it in my circumstances, but could I do it theory?


Ray.

raybarrow wrote:Hi T,
Very informative. I understand on death ISAs can be transferred to a spouse, subject to a few condition. I also see that I can transfer money from a Cash ISA to a Stocks and Shares ISA.
Can I transfer money from a Stocks and Shares ISA to a Cash ISA. Obviously I would have to sell shares to produce cash, and I can't think of a good reason to do it in my circumstances, but could I do it theory?


Ray.

Yes
https://www.gov.uk/individual-savings-a ... g-your-isa

You used to only be able to do cash to stocks and shares, but the rules were changed in July 2014 to allow the reverse as well

https://www.which.co.uk/money/investing ... 4Lm5N025E9

Hi Folks,

You used to only be able to do cash to stocks and shares, but the rules were changed in July 2014 to allow the reverse as well

Thanks for that, I wasn't aware transfers could go in both directions.
Ray.