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How Can I Save Left Over ISA Allowance

by Jim ONeil on May 16, 2011

in ISA's Individual Saving Accounts

In most cases, an investor is not permitted to add to more than one ISA. However, there is an exception on the market at the current time.

M&S Money now has an ISA that allows the consumer to use any left-over allowance as long as they are putting it into a fund that shares the brand.

The reason M&S Money is able to do this is because all ISA accounts are reported to the government as a single investment. Even if you are depositing into multiple accounts, as long as the allowance is not exceeded, it will show up as meeting the required allowance.

This allows the investor to use their left-over allowance and not break the law in doing so.

Please take note that this is the only way to use the left-over allowance. If you were to open an ISA account with a new provider, you would be breaking the tax law. Even though M&S Money is the only brand we currently know of that is offering this option, others may pop up when they become aware of this procedure.

Keep your eye out for any regulations changes in case the tax man decides that this is not in the spirit of the law.

Neil L

All decent societies have the right to offer Tax Exempt Saving Plans for a maximum of £25 per month per person. It's in addition to ISA, pension and CGT allowances and is exclusive to the friendly society sector.

It's largely to do with the way they changed from the industrial communities and were once designed to pay for funeral costs, these days they are more savings vehicles but they also include a small amount of life cover which helps.

Neil L

No catch, all friendly societies have the right to offer Tax Exempt Saving Plans for a maximum of £25 per month per person. It's in addition to ISA, pension and CGT allowances and is exclusive to the friendly society sector.

It's largely to do with the way they evolved from the industrial communities and were originally designed to pay for funeral costs, these days they are more savings vehicles but they also include a small amount of life cover.

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