Confused about the rules!

charlotte1989_2

Hi,
sorry if this has been asked a thousand times already, just can't get my head around all this ISA stuff!

So I've already got an ISA with £3250 in...if I somehow managed to open a First Direct ISA and transfer this before the new tax year, could I add a further £3000 before the new tax year so I would have my £5100 allowance in full for 2010-2011? Or would I have to wait till the new tax year to add the £3000?

Thanks in advance.

Lokolo

How much have you put in an ISA this tax year?

charlotte1989_2

I'm guessing about £2,500

dtaylor84

The amount of money in your ISA is irrelevant.

The amount of money you have subscribed this tax year (since 6th April 2009) is all that matters. If you've put in £2500, you can put in another £1100, to make a total of £3600 this year.

Whether you do that or not, as of 6th April 2010, you can then put £5100 into the same ISA or a new ISA (as far as the HMRC are concerned, it's a separate ISA anyway).

charlotte1989_2

That's what I thought, thanks for confirming this for me!