Transferring last year's ISA but also paid in this year?

Leaseholder49

I'm sure this is a common question but I'm struggling to find the answer for definite.

If I have an ISA with bank X with the full allowance from 2012/13 in it, and I continue to pay new money into it during 2013/14, am I able to transfer the previous year's portion of that money somewhere else during the 2013/14 tax year?

The reason I ask is that I have a good guaranteed rate until November, with no idea what it will drop to, so if it goes to nothing I'd ideally like to be able to transfer out.

If I can't do that I might think twice about paying new money in.

Thanks!

innovate

Yes, you can transfer funds from previous financial years, as well as funds you deposited in the current financial year. If you do the latter, you must transfer all of those current year funds. Whilst on previous year, you have the option to transfer just some of it.

http://www.hmrc.gov.uk/isa/faqs.htm#6

You need to always check whether there are any early redemption/transfer penalties, and you need to always ask your new provide to make the transfer.

typistretired

I have copied this from the HM Revenue & Taxes for you it might help you with your confusion:-

If you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it.

(So you have to move all of the ISA if you put in from April 6 2013)

You can transfer all of the money you put into your ISA in earlier years or only some of it, if you wish. However, some managers may not allow you to transfer part of your ISA (this will be in the terms and conditions). Your existing ISA manager will be able to tell you how much you can transfer

So earlier years you can transfer part of isa if allowed by your isa manager but your current year isa you must transfer all of it.

typistretired

innovate wrote: »

Yes, you can transfer funds from previous financial years, as well as funds you deposited in the current financial year. If you do the latter, you must transfer all of those current year funds. Whilst on previous year, you have the option to transfer just some of it.

http://www.hmrc.gov.uk/isa/faqs.htm#6

You need to always check whether there are any early redemption/transfer penalties, and you need to always ask your new provide to make the transfer.

Sorry innovate we must have both been posting at the same time.

innovate

typistretired wrote: »

Sorry innovate we must have both been posting at the same time.

Better twice than never ;-)

Leaseholder49

Thanks for the advice.

Looks as though I've got nothing to lose by paying in new money next tax year then :-)

waiax73

typistretired wrote: »

I have copied this from the HM Revenue & Taxes for you it might help you with your confusion:-

If you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it.

(So you have to move all of the ISA if you put in from April 6 2013)

You can transfer all of the money you put into your ISA in earlier years or only some of it, if you wish. However, some managers may not allow you to transfer part of your ISA (this will be in the terms and conditions). Your existing ISA manager will be able to tell you how much you can transfer

So earlier years you can transfer part of isa if allowed by your isa manager but your current year isa you must transfer all of it.

Do you guys happen to know which managers accept partial transfers? Haven't found one yet.....

latecomer

Last couple of times I've transferred and I've filled in a paper form its given the option of total or partial transfer.