I'm a bit confussed regarding ISA'a, i have already used my allowance for my cash mini isa
I was under the impression tha I couldn't have another isa but have found out today you can, so i gave comdirect a call and asked them if i can open a self select mini isa; he told me i couldn't as i've used up my allowance for the year
i found this on another website
You can invest up to £7,000 each tax year (6th April to 5th April) in an ISA. This limit will reduce to £5,000 from 6th April 2006. The ISA rules allow you two ways of investing your annual allowance: either you can invest the whole lot with one company using a maxi-ISA, or you can arrange up to three mini-ISAs, using a different company for each one.
With a maxi-ISA, the whole annual allowance can be put into stocks & shares. Or you can invest up to £3,000 in cash and up to £1,000 in insuranceproducts, with the balance going into stocks & shares. Maxi-ISAs must offer the stocks & shares element; cash and insurance are optional.
If you want to use different companies for each component, you can take out a series of three mini-ISAs. However, if you do this you are limited to putting £3,000 in your stocks & shares mini-ISA, with a further £3,000 in your cash mini-ISA and £1,000 in your insurance mini-ISA. These limits cannot be exceeded even if you choose not to use one component at all.
Can anyone tell me where i stand?
I was under the impression tha I couldn't have another isa but have found out today you can, so i gave comdirect a call and asked them if i can open a self select mini isa; he told me i couldn't as i've used up my allowance for the year
i found this on another website
You can invest up to £7,000 each tax year (6th April to 5th April) in an ISA. This limit will reduce to £5,000 from 6th April 2006. The ISA rules allow you two ways of investing your annual allowance: either you can invest the whole lot with one company using a maxi-ISA, or you can arrange up to three mini-ISAs, using a different company for each one.
With a maxi-ISA, the whole annual allowance can be put into stocks & shares. Or you can invest up to £3,000 in cash and up to £1,000 in insuranceproducts, with the balance going into stocks & shares. Maxi-ISAs must offer the stocks & shares element; cash and insurance are optional.
If you want to use different companies for each component, you can take out a series of three mini-ISAs. However, if you do this you are limited to putting £3,000 in your stocks & shares mini-ISA, with a further £3,000 in your cash mini-ISA and £1,000 in your insurance mini-ISA. These limits cannot be exceeded even if you choose not to use one component at all.
Can anyone tell me where i stand?
