ISA transfer b/w peeps?

HGLTsuperstar

Say Mrs T. has mini cash ISA that has not been touched this tax year, Mr. T has mini cash ISA with same provider with "spare allowance". Can Mrs T. transfer her pot to Mr. T, so enabling her to then open a Maxi ISA under the 1- a year rule?

Kazza242

HGLTsuperstar wrote:

Say Mrs T. has mini cash ISA that has not been touched this tax year, Mr. T has mini cash ISA with same provider with "spare allowance". Can Mrs T. transfer her pot to Mr. T, so enabling her to then open a Maxi ISA under the 1- a year rule?

The important question regarding Mrs T is not whether her isa has been "touched" this tax year, but rather whether she has:

A) Opened it this year?

If the answer is 'No' to question A meaning it was opened in a previous tax year then:

Has she contributed to it this tax year (between April 6 2005 - April 5 2006)?
C) Does she have a mini shares isa that she has opened or contributed to this tax year?

If the answers to questions A and B and C are 'No' then she can open a Maxi ISA this tax year.

ISA's are non-transferable so she wouldn't be permitted to transfer her allowance/isa savings to another person under Inland Revenue rules.

HGLTsuperstar

Mrs T has decided to open a mini shares and IF (fingers crossed ) she does have enough to go over the 4K limit, then Mr T will also open a S&S ISA so effectively a 8K yearly limit.