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Can I move this years cash ISA allowance to another provider?
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contactchrisgray
Posts: 2 Newbie
Hi all,
I set up a cash ISA at the start of the 09/10 tax year and transferred all of my previous ISAs into that one ISA. Now I would like to move that account to another provider (i.e. set up a new ISA and transfer the entirety of the old ISAs balance into it).
I would obviously not be paying any more into the new ISA this tax year, but looking at the Inland Revenue's advice I am unsure if even just moving the ISA is permitted. Anyone know the regulations on this?
Cheers.
I set up a cash ISA at the start of the 09/10 tax year and transferred all of my previous ISAs into that one ISA. Now I would like to move that account to another provider (i.e. set up a new ISA and transfer the entirety of the old ISAs balance into it).
I would obviously not be paying any more into the new ISA this tax year, but looking at the Inland Revenue's advice I am unsure if even just moving the ISA is permitted. Anyone know the regulations on this?
Cheers.
0
Comments
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You may move it. An "open ISA" as far as HMRC is concerned is an ISA account containing funds for this tax year. An 'open account' with no funds in it is not considered an ISA for the purposes of HMRC.
Since you'll be moving all this year's funds, you will still have only one open ISA - the account you're moving from will no longer be 'open.' Note that opening an ISA account with an institution does not constitute an actual ISA until it has money in it, so you may freely apply to open an account (with a view to transferring this year's funds) without breaking any rules.
Funds from previous years are considered 'closed' (even though they may physically be in the same account as this year's funds) and may be split how you wish.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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