ISA Limits

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 822 views
sassy1sassy1 Forumite
2 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I opened an easy access isa in June 13 with £100. I then tranferred an old isa from 10/11 of £3,500. Can I still pay in the 13/14 maximum of £5,660?(£5,760 less £100 already already used) Or can I only pay in £2,160?
(£5,750 - £100 - £3,500)
Surely it is the former? What would happen if I transferred an old isa tha t was more than £5,760?:beer:

Replies

  • StompaStompa Forumite
    8.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    sassy1 wrote: »
    Can I still pay in the 13/14 maximum of £5,660?(£5,760 less £100 already already used)

    Yes.
    sassy1 wrote: »
    What would happen if I transferred an old isa tha t was more than £5,760?:beer:

    Nothing, transfers (of any amount) have no bearing on your annual allowance.
    Stompa
  • phonaphona Forumite
    249 Posts
    Eighth Anniversary 100 Posts
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    To add to Stompa's reply, that's true as long as you used the proper transfer procedure, ie filled in a form from your new provider. If you withdrew the money from the old ISA then deposited it in the new one, that would count as this year's contribution.

    In summary, if you used a form from your new provider, your remaining allowance is £5660 as you guessed.
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