ISA transfers

Ash1982

Hi,

If I transfer some of my cash ISA from last year (11/12) into this years (12/13) S&S ISA, does the money count against this years (12/13) S&S ISA allowance or remain in (11/12)?

Thanks

Ash1982

Guess this one has people stumped, I can find a defiinate answer online either!

I'm sure somebody has done this and found out by experience?!

Lokolo

I believe it remains in (11/12).

keiran

My understanding is that all previous cash ISAs can be transferred into a shares ISA ( but not the other way round)

This still leaves your allowance for this year , £11280, which you can put all into the shares ISA, or up to £5640 in a cash ISA

thenudeone

Transfers don't count against any year's allowance - Only NEW MONEY counts against the allowance.

So if you deposited £5630 in an ISA on 7th April earning 3%; then transferred it after 11 months, The balance transferred would be £5785, which exceeds the allowance.
This is still absolutely fine because the allowance only limits the amount of NEW MONEY, in this case £5630. You would still be able to put the extra £10 of remaining allowance in after it had been transferred.