Isa

yellowmonkey13

Hi,

Bit of advice needed. I get a bit confused with what you are allowed to transfer over and what you can earn tax free interest on.

In Oct 2011 I opened a Northern Rock/now Virgin cash isa with the full yearly limit and transfered some savings from a previous years isa. In June 2012 I opened a new cash ISA with Saga the fully year limit for 12/13 which I have diarised for April 2013. In Oct 2012 my Northern Rock ISA came to an end, I am trying to work out what I should do with the money? Or to wait til April next year to transfer into a new ISA.

If I open a new ISA in April 2013, can I transfer Northern Rock/Virgin and Saga Isa into a new ISA? Will this amount be extempt of tax as well?

jem16

yellowmonkey13 wrote: »

I am trying to work out what I should do with the money? Or to wait til April next year to transfer into a new ISA.

No need to wait if you can find a better home that will accept transfers. Transfers don't count towards your allowance.

If I open a new ISA in April 2013, can I transfer Northern Rock/Virgin and Saga Isa into a new ISA?

Provided it accepts transfers, then yes. Some ISAs only accpet new money.

Will this amount be extempt of tax as well?

Yes. It is tax-free as long as it is in an ISA.