ISA transfer

i_want_one_of_those_mum

Sorry couldn't find the answer to this.

My husband has a 2012/13 ISA at £3500 and at the 13th hour hubby opened an ISA in my name (his money) for £3600.

He would like to transfer his money into a new 2013/14 ISA but also transfer some of 'mine' to bring it up to the full allowance.

Are you allowed to transfer my ISA into his.

Thanks

Gordon_the_Moron

You can both add to last year's allowance in your own accounts, or open another elsewhere for this year and pay into that (you aren't limited to one, you can only pay into one per tax year) you could also pay this year's allowance into the old ISA then transfer, you can transfer this year's allowance around as you please, you just can't break it up, it must remain whole.

You can't transfer between your own and your husband's accounts, it is an INDIVIDUAL savings account. No joint accounts and no transfers between.

If you don't have enough money to fill a certain year's allowance though you could transfer between the two by withdrawing and re-depositing.

thenudeone

The I in ISA stands for "Individual".

Money in an ISA cannot be transferred to anyone else without losing its tax-free status.

However, if you are certain that you will be unable to use this year's ISA allowance, there's nothing wrong with his withdrawing it then depositing the money in a new ISA in your name.