Mini Cash ISA Question

[Board Game Geek]

Lo folks,

AFAIK, we are currently on the 2007/2008 ISA's at the moment, and the new ones come out next week for 2008/2009.

I've like to open a 2007/2008 one before they become locked, so that I can invest 3K in it, then come next week put in another 3K.

However, I don't have the 3K at the moment to invest in the 2007/2008 one.

Therefore, can I open a 2007/2008 one with a £1, which then gives me my 3K allowance for this tax year, and then come next week when the 2008/2009 comes in to effect, stuff £5999 in the isa, assuming that my allowance carries over ?

Any ideas ?

[M_B]

You cant do that.

If you don't use up your annual allowance then you lose it. Its not transferable.

[AtW]

I don't think allowance carries over, however you can put one week £3k from current year, and next week (assuming next week new FY starts) you can put £3k more - this will use up your allowances for 2 years.

[EternalOptimist]

This years allowance wont carry over.


And I will refrain from making any childish jokes about selling a few dozen runecloth bags to raise the money. oops too late

[Bagpuss]

Lo folks,

AFAIK, we are currently on the 2007/2008 ISA's at the moment, and the new ones come out next week for 2008/2009.

I've like to open a 2007/2008 one before they become locked, so that I can invest 3K in it, then come next week put in another 3K.

However, I don't have the 3K at the moment to invest in the 2007/2008 one.

Therefore, can I open a 2007/2008 one with a £1, which then gives me my 3K allowance for this tax year, and then come next week when the 2008/2009 comes in to effect, stuff £5999 in the isa, assuming that my allowance carries over ?

Any ideas ?

They're are ISAs where you can park your allowance but that doesn't apply to mini cash ISAs

BTW your allowance increases for the 08-09 tax year to £3,600

Lloyds TSB have a 6.5% deal at the moment for exsisting balances transfered in from other providers subject to minimum of 9k

[Board Game Geek]

Thanks for the help...shame my cheque won't clear until next week. Looks like I'll have to spend the spare 3K instead on a new monitor.

[VectraMan]

Thanks for the help...shame my cheque won't clear until next week. Looks like I'll have to spend the spare 3K instead on a new monitor.

Can you really not get £3K from somewhere? Are you a permie?

What date to they count? I applied for an Abbey one online, expecting to be able to do it all instantly. It just ended with a "thankyou, your application has been received". I'm a bit worried now they'll post me some forms, and expect me to fill them out and post them back with a cheque and the whole thing will take 2 weeks, which is not a lot of use when I'm trying to get it done before April 5th.

[Board Game Geek]

Can you really not get £3K from somewhere? Are you a permie?

Who has 3K just laying around for fun ? No, I'm a contractor, but on a static rate for the last 3 years, so it's been tough.

[AtW]

Who has 3K just laying around for fun ? No, I'm a contractor, but on a static rate for the last 3 years, so it's been tough.

Cut down on that WoW thingy...

[Board Game Geek]

Oh do behave Alex.

WOW is one of my few enjoyments in life (well, at least until Warhammer Online comes out, then I'll probably leave WOW and start on a new game).