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New ISA and Transfer in-same year?
rutters
Posts: 127 Forumite
Can I transfer an existing ISA to another ISA and open a new ISA all in the same year please?
Before you criticise someone, you should walk a mile in their shoes.
That way, when you criticise them, you're a mile away and you have their shoes.
That way, when you criticise them, you're a mile away and you have their shoes.
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Comments
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It depends whether you have already put some new money into an ISA this year.
If your existing ISA consists entirely of previous tax years' contributions, you can transfer it as many times as you like without it impacting on your ability to open and fund a separate, new ISA this tax year.
If you have deposited money into it this tax year, then you cannot open and fund a second ISA. You would need to transfer the existing ISA to the new ISA provider / issue (assuming it allowed transfers in) and then make the new deposits [or you could make the new deposits into the existing ISA before transferring it.
The rules are that you can only open and fund one ISA per tax year, and simple transfers do not count as funding.0
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