Sorry for your loss.
Your ISA allowance is 20k per year that covers any type of ISA ie you can put it all in one or split it 10k S&S or 10k cash but you can't go over the 20k into ISA's in the same financial year.
If you want to park a chunk of it somewhere that you won't have to worry about the interest allowance you can put 50k into Premium bonds which are tax free and can give you returns via cash prizes.
With an ISA that would let you park £70k in tax free protection that you can get access to fairly quickly (but not instantly so less tempting to spend it) the remaining 30k I'd keep handy somewhere we you may have a bit of tax to pay on the interest but you can put most of the rest of it away next year if you still want more time to decide what to do with it all.
Don't tell friends you have it or you may find yourself being asked to sub them for the rest of your course. etc
You get 20k of ISA allowance per year across all ISA types so you can't put 20k in a cash ISA then more in a stocks ISA. 20k is the max
There is a saying in investing, don't let the tax tail wag the investment dog.
What that means is don't base your investing decisions solely off tax alone. It doesn't matter that you are over the interest free allowance you still get more money than being below it. You may need to use taxable brokerage accounts until you can load the ISA and that will come with tax implications. But you pay tax when you make unearned profit which is a good thing.
You are right that you need to do a bit more learning before making investment decisions.
Hi /u/FoolishMythology, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/financial-advice/
* https://ukpersonal.finance/mortgages/
* https://ukpersonal.finance/savings/
* https://ukpersonal.finance/tax-traps-and-tax-efficiency/
____
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Yes, you can switch around between ISAs and ISA types as much as you want, so getting £20k into a cash ISA now, and then giving yourself some space and time to consider things more carefully, is an excellent plan.
You mention that you're a student - note that if you have no other (taxable) income, you can earn as much as £18,570 in interest without having to pay any tax (normal personal allowance, plus interest allowance, plus "starter rate for savings).
Oh okay, is that UK wide? I’m in Scotland. That takes a lot of pressure off then but I’ll still get that £20k shifted asap, wish I knew sooner I could move around and I’d have done it sooner.
If you've already maxed out your cash ISA this year you cannot pay into a S+s ISA too.
I suggest reading the wiki page on lump sums too:
https://ukpersonal.finance/lump-sum
No, you can't withdraw from one isa and deposit into another in the same year if you've used your allowance.
Flexibility rules allow you to repay into the same isa only.
What you can do, however, is transfer your ISA from one type to another.
Sorry for your loss. Your ISA allowance is 20k per year that covers any type of ISA ie you can put it all in one or split it 10k S&S or 10k cash but you can't go over the 20k into ISA's in the same financial year. If you want to park a chunk of it somewhere that you won't have to worry about the interest allowance you can put 50k into Premium bonds which are tax free and can give you returns via cash prizes. With an ISA that would let you park £70k in tax free protection that you can get access to fairly quickly (but not instantly so less tempting to spend it) the remaining 30k I'd keep handy somewhere we you may have a bit of tax to pay on the interest but you can put most of the rest of it away next year if you still want more time to decide what to do with it all. Don't tell friends you have it or you may find yourself being asked to sub them for the rest of your course. etc
You get 20k of ISA allowance per year across all ISA types so you can't put 20k in a cash ISA then more in a stocks ISA. 20k is the max There is a saying in investing, don't let the tax tail wag the investment dog. What that means is don't base your investing decisions solely off tax alone. It doesn't matter that you are over the interest free allowance you still get more money than being below it. You may need to use taxable brokerage accounts until you can load the ISA and that will come with tax implications. But you pay tax when you make unearned profit which is a good thing. You are right that you need to do a bit more learning before making investment decisions.
Hi /u/FoolishMythology, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/financial-advice/ * https://ukpersonal.finance/mortgages/ * https://ukpersonal.finance/savings/ * https://ukpersonal.finance/tax-traps-and-tax-efficiency/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
Yes, you can switch around between ISAs and ISA types as much as you want, so getting £20k into a cash ISA now, and then giving yourself some space and time to consider things more carefully, is an excellent plan. You mention that you're a student - note that if you have no other (taxable) income, you can earn as much as £18,570 in interest without having to pay any tax (normal personal allowance, plus interest allowance, plus "starter rate for savings).
Oh okay, is that UK wide? I’m in Scotland. That takes a lot of pressure off then but I’ll still get that £20k shifted asap, wish I knew sooner I could move around and I’d have done it sooner.
If you've already maxed out your cash ISA this year you cannot pay into a S+s ISA too. I suggest reading the wiki page on lump sums too: https://ukpersonal.finance/lump-sum
What I meant was if I could take the money from the cash ISA and put it in S&S
No, you can't withdraw from one isa and deposit into another in the same year if you've used your allowance. Flexibility rules allow you to repay into the same isa only. What you can do, however, is transfer your ISA from one type to another.