Is there a way to deposit my money into my ISA account without reducing my 20k tax free allowance? E.g lets say i put 5k into my ISA account, it then says that my isa allowance is 15k now. Shouldn’t this only happen if I make money from my investments rather than just depositing my money into my account to invest?
You contribute £5k then under current maths you have £15k left that year
If you then sold that £5k stock and reinvested it within the isa then your balance would remain at £15k
It depletes when ‘new’ money comes in from outside the isa
It is actually the other war round. Your ISA allowance is what you put into the account not what you earn from it. Any profit you make does not reduce your allowance.
The only other option available is using ISA Transfer forms.
By using ISA Transfer forms, you can transfer any existing ISA allowances you have built up over the years, without affecting your current year contributions.
You have £100,000 in a Easy access ISA at your bank.
You use ISA Transfer forms to transfer £50,000 to Trading212.
Leaving 50k in your easy access ISA in the bank and 50k with trading212.
If you wish to then add your current years subscription (providing it is not used already elsewhere) - you could top up your Trading212 account with an additional £20,000.
Leaving your bank with £50k and your stocks and shares Trading212 ISA with £70k.
For these forms, just email email@example.com