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ISA Rules

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Hi,

I know that you are only allowed to subscribe/pay in to one ISA per tax year and that transfers from previous tax years are not included in the £3000 allowance.

I have looked at the new Barclays ISA and noticed that it will not accept transfers from previous tax years. However, I was wondering if you could open the Barclays account and pay the £3000 allowance into that one but also open an account that accepts transfers and ONLY pay the transfer amount into it so that this doesn't affect the allowance?

I hope that this makes sense and any advice is gratefully received.

Comments

  • tanith
    tanith Posts: 8,091 Forumite
    Part of the Furniture Combo Breaker
    Interesting question george I'll be interested to read the answer too....
    #6 of the SKI-ers Club :j

    "All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke
  • LittleVoice
    LittleVoice Posts: 8,974 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm sure you could.

    One year I opened a Halifax ISA and also transferred the balance of a Smile ISA into a Nationwide ISA which was opened just to accept the transfer.
  • masonic
    masonic Posts: 27,113 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yes, it's not a problem. In fact, I'm doing that for the coming tax year.
  • Guys and gals,

    Thanks for your replies. I thought this was probably the case but as I messed up my ISA slightly last year, I wanted to double check.

    I will probably do this then if I can find a decent ISA for the transfer money. Wish me luck!!
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