Insurance ISAs

By THIS IS MONEY
Updated:

 

If I do not have a life assurance ISA can I go up to £4,000 with a stocks and shares mini ISA?

This is Money says: No. Any allowance you do not use up on your mini cash, stocks and shares or life assurance ISA cannot be transferred from one to the other. Confusingly the situation is different with a maxi ISA. Here you can put up to £7,000 into stocks and shares - that is the £3,000 cash limit, the £3,000 stocks and shares limit and the £1,000 life assurance limit for this tax year can all be put into stocks and shares.

To put all your £4,000 into stocks and shares, you need to go for a maxi ISA but this rules out taking out a mini cash ISA. If you have take out a mini ISA already this tax year, you cannot take out a maxi as you cannot take out both a mini and maxi ISA in the same tax year.

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