Splitting a cash isa? Help please!
janeke
Posts: 100 Forumite
My father has £80,000 in a cash isa which was opened May this year - £79,000 was transferred from a previous ISA and £1000 has been added this tax year.
When the new safe limits come in, can he open a new isa and transfer £5000 to the new provider? (Leaving £75000 with the existing provider) Or is this prohibited because he has already put money into the existing provider this year?
I thought I understood ISAs but I`m getting very confused
When the new safe limits come in, can he open a new isa and transfer £5000 to the new provider? (Leaving £75000 with the existing provider) Or is this prohibited because he has already put money into the existing provider this year?
I thought I understood ISAs but I`m getting very confused
0
Comments
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When the new safe limits come in, can he open a new isa and transfer £5000 to the new provider? (Leaving £75000 with the existing provider) Or is this prohibited because he has already put money into the existing provider this year?
- all current year subscriptions are kept together
- they're not in fixed rate products with withdrawal restrictions
- the transfer is into an ISA that accepts inbound transfers
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Sorry but I still don`t understand. If father only transfers this year`s funds (£1000) that will still leave him with above the new safe limit with the original provider0
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Sorry but I still don`t understand. If father only transfers this year`s funds (£1000) that will still leave him with above the new safe limit with the original provider0
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