Maxi ISA transfer question

ezhiks

I've looked through this section but been unable to find an answer to my question.

In 1999 and 2000 I invested £7000 each year in a Virgin Maxi stocks and shares tracker ISA. My total £14,000 investment is now hovering around the £16,000 mark, and I feel a good time to transfer it to a better performing company. I've used my full Mini cash ISA allowance for all the other years.

I would like to transfer the Virgin Maxi ISA and also be able to have my £3000 mini cash allowance intact for this new tax year. Is this possible, or will the transfer of the Virgin Maxi ISA mean I have to open a new Maxi ISA in order to take the transfered funds? I know I can't open a Maxi and a Mini in the same tax year, but I only want to transfer the Maxi, not to add to it.

Any advice gratefully received.

savingforoz

As far as I know you can transfer the maxi to a new provider in 2006/07, and still have your 2 mini allowances, because you're not putting any fresh money in the maxi, just switching the funds over.

david78

You can open a maxi just to take the transfered funds.

You will be able to open and fund a mini-cash ISA as well.

(it isn't correct to say you can't open a mini and maxi ISA in the same year -- only that you can't subscribe* both).

*subscribe. means paying money in from outside the tax free wrapper.

What you could also do is open a mini stocks and shares ISA with one of the discount houses using a fund supermarket and transfer your maxi ISAs at the same time. The accounts will be merged into one ISA account (though a record will be kept of which bits are maxi's and which bits are minis).


One day, there will be cash ISAs and investment ISAs and no mini/max nonsense and all the confusion will disappear.

ezhiks

Thank you both very much for your replies and advice. I was hoping I could do it, now confirmed that I can.

Advice was much appreciated, now just have decide on the best place to go.