ISA Transfer

pasmith29

Hi,

I'm new here so if this is posted in the wrong section apologies. My question is, i have just transferred my ISA from Nationwide to a new lloyds cash ISA i have opened with them. However when i login online to Lloyds for my online banking it says i have used my ISA allowance for this year. Is that correct that if i transfer an old ISA (£10000+) to a new ISA it takes my yearly allowance?

Thanks in advance for any help!!

le_loup

No it doesn't unless part of the £10K included this years ISA.

Baldur

pasmith29 wrote: »

Hi,

I'm new here so if this is posted in the wrong section apologies. My question is, i have just transferred my ISA from Nationwide to a new lloyds cash ISA i have opened with them. However when i login online to Lloyds for my online banking it says i have used my ISA allowance for this year. Is that correct that if i transfer an old ISA (£10000+) to a new ISA it takes my yearly allowance?

The same is happening with ISA transfers to Halifax (who are now integrated with LTSB's online platform) - just wait a few days and it should show the correct allowance. It took 6/7 days for mine to correct itself.

pasmith29

Thank you,

the 10k was all from previous years, so i have paid none in so far this year.

hopefully it will correct itself within a few days, thanks

Baldur

pasmith29 wrote: »

Thank you,

the 10k was all from previous years, so i have paid none in so far this year.

hopefully it will correct itself within a few days, thanks

Yes, I transferred a couple of previous tax years' ISAs of >£10.5k and my current year's allowance was shown as around £70, which later corrected itself.

It was irrelevant anyway, as my 2011/12 allowance had already been subscribed to a different ISA provider at a better rate.