"ISA Cash" from previous tax year

General
1

Hi Community :wave:

I had a question and would be great if someone can help. I so far understand that the “ISA cash” on InvestEngine is not the same as a Cash ISA, it’s instead a cash holding account of some sort.

My question is, I had transferred an amount in my previous tax year to the “ISA cash” account. I since then have a new 20k ISA allowance. If I want to invest the amount sitting in the ISA cash into buying more ETFs in the coming weeks, will this use my this year’s allowance or is it part of my previous years allowance?

Thanks in advance!

H

2

If you invest the amount sitting your ISA cash into buying more ETFs in the coming weeks it is part of your previous years allowance, assuming that money was deposited into your ISA cash in the previous tax year.

It is the date that you deposit money into your ISA that matters and not when you actually use it to trade.

3

Hi H.

As above, it’s the date you put money into the ISA not when you buy/sell funds. You could buy/sell stocks/funds everyday if you want.