how many transfers?

d87heaven

Im slightly confused about ISA's. I have 2 pitiful ISAs (onpened 07 and june 08 on the go and want to transfer them. Is there a limit on how many transfers you can do? Can I transfer 2 the 2 ISA's and also open a new one before april1 then open another after april1

Baldur

d87heaven wrote: »

Im slightly confused about ISA's. I have 2 pitiful ISAs (onpened 07 and june 08 on the go and want to transfer them. Is there a limit on how many transfers you can do? Can I transfer 2 the 2 ISA's and also open a new one before april1 then open another after april1

You can transfer ISAs as often as you like, but practically it would be pretty pointless to do it too often (up to 30 days for each plus possible loss of some interest while cheques are in transit from one provider to another, etc.).

The tax year runs from 6th April to the 5th April.

If you have paid none of your Cash ISA allowance into any ISA since 6th April 2009, you can open and subscribe your 2009/10 allowance to a new Cash ISA but it must be subscribed before or on 5th April 2010 or it's lost forever.

You can open and subscribe your 2010/11 allowance to a new ISA on or after 6th April.


<Edit> Remember that the last banking day before the new tax year, because of Good Fiday/Easter Bank Holidays and the weekend is Thursday 1st April this year.

d87heaven

Thankyou kindly sir. Much appreciated

razorfox

The tax year runs from 6th April to the 5th April.

If you have paid none of your Cash ISA allowance into any ISA since 6th April 2009, you can open and subscribe your 2009/10 allowance to a new Cash ISA but it must be subscribed before or on 5th April 2010 or it's lost forever.

You can open and subscribe your 2010/11 allowance to a new ISA on or after 6th April.
Good Fiday/Easter Bank Holidays and the weekend is Thursday 1st April this year.

Ok, i've been paying into one this year and now want to transfer it so i wont be able to transfer it now in this fanancial year either because i'm too late or have paid into one but if i transfer it into next financial year will i lose my allowance of opening a new one or paying into the one i'm about to transfer?

Could someone clarify please, thanks.

Baldur

razorfox wrote: »

Ok, i've been paying into one this year and now want to transfer it so i wont be able to transfer it now in this fanancial year either because i'm too late or have paid into one but if i transfer it into next financial year will i lose my allowance of opening a new one or paying into the one i'm about to transfer

As per my post above, ISA transfers can take place at any time and as often as you like. They have no effect upon the annual ISA allowance as, effectively, all you are doing is moving the same ISA funds from one provider to a different one.

For your 2010/11 allowance:-

You can either open and subscribe to a new Cash ISA for your 2010/11 allowance on or after 06/04/2010

OR

Depending on the Terms & Conditions of the account to which you transfer your present ISA, you could add your 2010/11 allowance to that account.