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Transferring ISAs
Chudders
Posts: 26 Forumite
Wondered if anyone can answer a question for me please?
I think I'm right in saying, that once your money is in an isa, you can transfer it to another isa without affecting your maximum limits for the year, is that right?
If so, does that still apply when transferring funds from a cash isa to an investment isa?
Situation is, we have 40k we'd like to put in investment isas, but we haven't had a chance yet to make the time to see an ifa and get it sorted, we're not likely to before the end of the month either. As we're going to have another lump to invest in the next few months, we need to get this 40k sorted before this year's deadline in a few weeks, so are we able to just open a simple cash isa with the bank now and deposit the 40k (2 people, 20k each), then in a few weeks time when we've sorted out investment isas with an ifa can we transfer the 40k, and then add another 40k, or does it not work like that?
I hope that makes sense, thanks in advance!
I think I'm right in saying, that once your money is in an isa, you can transfer it to another isa without affecting your maximum limits for the year, is that right?
If so, does that still apply when transferring funds from a cash isa to an investment isa?
Situation is, we have 40k we'd like to put in investment isas, but we haven't had a chance yet to make the time to see an ifa and get it sorted, we're not likely to before the end of the month either. As we're going to have another lump to invest in the next few months, we need to get this 40k sorted before this year's deadline in a few weeks, so are we able to just open a simple cash isa with the bank now and deposit the 40k (2 people, 20k each), then in a few weeks time when we've sorted out investment isas with an ifa can we transfer the 40k, and then add another 40k, or does it not work like that?
I hope that makes sense, thanks in advance!
0
Comments
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Yes, it works the way you thought - transfers don't affect annual allowances, so you can do what you propose.
Or you could omit transfers by opening an S&S ISA each just now, paying the money in and holding it in cash form without actually investing it, until you've decided what you want to invest in....0
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