Newbie isa transfer question

oldsport

I've been reading the mse isa transfer guide but have got confused

I've already opened a new cash isa this year and put £3600 in

Can I open a second new isa this year purely for the purposes of transferring in previous years subscriptions from another isa - i.e. no new subscriptions are involved?

the guide seems to say you can transfer to a different manager at any time but there is a rule against subscribing to more than one cash isa in any tax year

thanks

whu

if the ISA you opened this year allows transfers in you could transfer your previous ISA into this years one

pmorrison_2

Hi, from what I gather, you can open as many ISAs and transfer in some or all of the balance in one tax year, but you are only allowed to pay 'new' money into one ISA per year

Baldur

oldsport wrote: »

II've already opened a new cash isa this year and put £3600 in

Can I open a second new isa this year purely for the purposes of transferring in previous years subscriptions from another isa - i.e. no new subscriptions are involved?

Yes, just choose your new provider (remember that some do not accept inward transfers) and complete their transfer form - they will arrange for the completion of the transfer.

the guide seems to say you can transfer to a different manager at any time but there is a rule against subscribing to more than one cash isa in any tax year

That's correct - 'subscribe' = 'pay new money into'.

oldsport

Baldur wrote: »

Yes, just choose your new provider (remember that some do not accept inward transfers) and complete their transfer form - they will arrange for the completion of the transfer.

That's correct - 'subscribe' = 'pay new money into'.

Thanks - that's the first time I've seen anyone explicity define what subscribe means - I guessed it might mean that but it's nice to have it confirmed - it's a very confusing word to use