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Hammer2003
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Joined: 26 Mar 2006
Posts: 5
Cash Points ££ 209.66
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 Posted: Sun Mar 26, 2006 12:22 am Post subject: ISA Advice Sought - Dividends count as contributions ? |
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I have a stocks and shares maxi ISA in which I invested a lump sum 6 years ago. All dividends are automatically reinvested in the funds and used to purchase extra units. The divedends are normally paid about twice a year.
I haven't been actively paying in any extra cash to this investment for a few years, the only activity in the funds are the reivested dividends.
I plan to open a cash ISA with my bank before the end of the tax year and put in a lump sum of £3000.
My question is: Am I allowed to do this? Or does the fact that the reinvested dividends in my old ISA mean that I already have invested in an ISA for this tax year and therefore can't open another one? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sun Mar 26, 2006 10:43 am Post subject: Re: ISA Advice Sought |
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| Hammer2003 wrote: |
My question is: Am I allowed to do this? Or does the fact that the reinvested dividends in my old ISA mean that I already have invested in an ISA for this tax year and therefore can't open another one? |
Hi, reinvested dividends do not count as new contributions. So yes you can open BOTH a cash ISA AND a stocks and shares mini isa before the start of the new tax year.
So thats £3k in a cash ISA and £4k in a shares ISA. |
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Hammer2003
Stranger
Joined: 26 Mar 2006
Posts: 5
Cash Points ££ 209.66
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| Posted: Sun Mar 26, 2006 12:38 pm Post subject: |
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| Many thanks for the prompt reply |
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