ISA Transfer & Open New Account

.Jay

Hi,

I think this has been covered very similarly in other posts but I just wanted to clarify my own situation before ending up in a mess.

What I currently have is 2 ISA's, one with Halifax and one with Barclays. I haven't touched my allowance for 2009/2010 at all.

What I want to do is transfer the Halifax and Barclays ISAs into one Birmingham Midshires ISA (without adding any new funds) as well as open an A&L ISA with a fresh £3600 all before 5th April.

Then come 6th April open a further ISA for 2010/2011.

Is that possible? So in short transferring all previous year ISAs to one bank and open a new ISA adding money with another bank.

Cheers,

Jay

Baldur

Yes - the priority is opening and funding your 2009/10 ISA before April 5th.

The transfers can take place at any time.

If you are using the A&L Flexible ISA for your 2009/10 allowance, you can add your 2010/11 allowance to that on or after 6th April, rather than opening a new account, if you want to make the most of the 3.5% rate and BoE +3% guarantee.

.Jay

Thats great, thanks Baldur.

Thought I would just double check for piece of mind.

moobax

I'm in the same situation, though I'm choosing two ISAs with A&L (Flexible and Direct Issue 6).

They could really do with improving the wording of the declaration, as this confused me and seemingly many other people:

"I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA."

Here "subscriptions" presumably refers only to new payments, and not transfers.

Baldur

moobax wrote: »

They could really do with improving the wording of the declaration, as this confused me and seemingly many other people:

"I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA."

The phrase is taken from HMRC guidance - most ISA transfer forms include a note to strike out the subscription phrase if you do not intend to subscribe to the ISA to which you are transferring.

Here "subscriptions" presumably refers only to new payments, and not transfers.

In 'HMRC speak', subscription always refers to new money not funds already contained in an ISA 'wrapper'.

moobax

That makes sense, but it certainly wasn't obvious to me. I even looked at isa-guidance-notes-2008.pdf (can't post link) to see if they defined the word "subscription", but if they did, I couldn't find it.

Thanks.