Quick cash ISA question

[Deleted User]

If you transfer an old ISA (for example a maximum amount from the old ISA - into a new one - say after 6th April so a new tax year - do you still get the new ISA allowance for the new tax year as well - so you can then add another maximum amount?

Hope that makes sense...

Mikeyorks

Deleted_User wrote: »

do you still get the new ISA allowance for the new tax year as well

Indeed you do. Transfers / interest etc ..... doesn't count against your annual subscription limit which is purely based on 'new' money you subscribe.

Gordon_the_Moron

Just make sure you do the transfer properly, if you withdraw from the old account and pay into the new one yourself you will use this year's allowance.

You need to fill in a transfer form which the provider of the new account will give you, they will then contact the old provider who will do the transfer.

Another thing you need to know, if you transfer this year's allowance it has to be done in full, you can't split it up, previous year's allowances you can.