can you put money into an old ISA?

j2011

so she is free to add new money to an ISA.

Does that include the old 2011/2012 ISA that now has no money in it?

Can she put £3140 into it then open a new ISA in her name and transfer in that £3140?

Scarpacci

j2011 wrote: »

Does that include the old 2011/2012 ISA that now has no money in it?

You can usually add new money to an ISA opened in the last year, yes. Now whether the provider has closed that ISA for being empty, I don't know but that could well prevent her from adding any new money.

j2011 wrote: »

Can she put £3140 into it then open a new ISA in her name and transfer in that £3140?

I don't understand why the money anybody would put money into an existing ISA only to transfer it into a new ISA. It might as well go into a new ISA straight away. The allowances don't roll over so adding money to the 11/12 ISA would now be a subscription for the 2012/13 tax year anyway. There's no benefit I can see from trying to do it in that way.

The couple really should just have an ISA account each and fill it up as much as they can each tax year. It seems to be being made much more complicated than it should be.

j2011

I don't understand why the money anybody would put money into an existing ISA only to transfer it into a new ISA.

Put £3140 into old ISA.

Open new ISA by using/transferring the £3140 into new ISA then put £5640 into new ISA so effectively put £8780 into an ISA in the tax year.

No?

tanith

No you can't put money into an old ISA and put new money into a new ISA in the same tax year. You only have an allowance of £5640 per year so you cannot do what you propose. Although you can put more into a shares ISA.

j2011

No you can't put money into an old ISA and put new money into a new ISA in the same tax year. You only have an allowance of £5640 per year so you cannot do what you propose. Although you can put more into a shares ISA.

That is all I wanted to know, thanks.

ejv

j2011 wrote: »

Put £3140 into old ISA.

Open new ISA by using/transferring the £3140 into new ISA then put £5640 into new ISA so effectively put £8780 into an ISA in the tax year.

You cannot add a penny more to an ISA once the FY is over ie 5th April each year.
That's why they call it USE IT OR LOSE IT
From 6th April, whatever you remit in the name of ISA is counted for that FY(which is max £5640 now).All the previous ISAs stay status quo whether it had £0 or £3140 or £5350 in it(of course,interest will be added into them)