ISA Rules 30 March 2007 at 7:23PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 4 replies 735 views

george2127

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.

tanith

Interesting question george I'll be interested to read the answer too....

LittleVoice

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

Yes, it's not a problem. In fact, I'm doing that for the coming tax year.

george2127

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!!