Subscribing ISA?

dieselglider

Having searched a bit through the forum, I think I've got my head around some basic ISA rules.

My scenario however is; I've got an ISA which is a couple of yrs old, and a new one, both with Alliance&Leicester. I have 'subscribed' to the 1st one this tax year.

My query is, if I transfer all savings from the old to the new ISA, does it then become my 'subscribeable' ISA for the remainder of this tax year?

If not, then I would have to credit the 1st ISA and then transfer to the new ISA each time?

TIA

carnet

dieselglider wrote:

My scenario however is; I've got an ISA which is a couple of yrs old, and a new one, both with Alliance&Leicester. I have 'subscribed' to the 1st one this tax year.

If you have "subscribed to the 1st one this tax year" how can you also have a "new one" ?

If we are talking about Mini Cash ISA's here, you can only subscribe to one in any tax year.

isasmurf

All new cash deposits (or subscriptions in HMRC speak) during the current tax year must be contained in 1 Cash ISA. This means that you can only put deposits into whichever ISA currently holds the new money that you have put in this year. If you put new money into ISA A then transfer the current years deposits from ISA A to ISA B then you can only make any future deposits in the current year into ISA B.

dieselglider

isasmurf wrote:

All new cash deposits (or subscriptions in HMRC speak) during the current tax year must be contained in 1 Cash ISA. This means that you can only put deposits into whichever ISA currently holds the new money that you have put in this year. If you put new money into ISA A then transfer the current years deposits from ISA A to ISA B then you can only make any future deposits in the current year into ISA B.

Cheers, that's what I was hoping, but thought I was wrong. :beer: