Transferring vs Saving

TheAble

Hello everyone,

I am new to this board though I have been with MSE for a while. I have a question re ISAs that I think I have worked out from your FAQs but wanted to double check.

This is my scenario:

I hold two cash ISAs, the contents of which are completely from previous years' subscriptions. I have not opened nor deposited any money into an ISA this 07/08 tax year.

What I would like to do is open a Barclays Tax Beater ISA to pay into this year, but ALSO transfer my previous years subscriptions to a different ISA provider that pays better than they do currently. I can't transfer to Barclays as the tax beater ISA does not accept incoming transfers.

Can anyone confirm if it is possible to do this? Thanks a lot in advance to anyone that can help.

An amusing aside for you.

I called the Inland Revenue about this very point using a geographical number via saynoto0870.com as they use 0845. After being on hold for 10 mins I got through to the self assessment line and asked to be transferred - they refused and said I had to call an 0845 number. I said did they have a geographical as I didn't want to be on hold again for 10 mins paying outrageous charges. They refused again. I said can I be put through to a supervisor and they hung up on me!

Now that's what I call service :rotfl:

Kazza242

TheAble wrote: »

This is my scenario:

I hold two cash ISAs, the contents of which are completely from previous years' subscriptions. I have not opened nor deposited any money into an ISA this 07/08 tax year.

What I would like to do is open a Barclays Tax Beater ISA to pay into this year, but ALSO transfer my previous years subscriptions to a different ISA provider that pays better than they do currently. I can't transfer to Barclays as the tax beater ISA does not accept incoming transfers.

Can anyone confirm if it is possible to do this?

Yes, what you wish to do is allowed. You can transfers previous years ISAs to another provider and open a new ISA using your 2007/08 allowance.

Check out this thread for ideas on which provider to transfer to:

http://forums.moneysavingexpert.com/showthread.html?t=401374

TheAble

Hi Kazza,

Thanks so much for the info, really appreciated.

TheAble