Multiple ISAs in a year

phoenix__

Hi all,

I'm aware of the (current) maximum £5,940 per year deposit limit, and the limit to only subscribe to one cash ISA in each year.

I have just opened a new ISA and requested a transfer from an old ISA into this and I believe this counts as my subscription for this year however I haven't put any cash into an ISA this year, so I still have the £5,940 allowance.

My question is, can I put this cash allowance into a different ISA that I already have open? I think the answer is yes, but can't find any definitive statements from HMRC about this.

Cheers

innovate

transfers, provided you use the formal ISA transfer procedure, do not count towards your annual ISA allowance. The only thing that counts towards your annual ISA allowance is new money that you pay into a current year's ISA

phoenix__

Transfers themselves do not count, but opening a new ISA to receive the transfer is using up my subscription?

innovate

Transfers in do not count towards the annual allowance. End of.

badger09

phoenix__ wrote: »

Transfers themselves do not count, but opening a new ISA to receive the transfer is using up my subscription?

Subscription = pay new money in

Opening a new ISA does not 'use up your subscription'

Transferring (using new provider's ISA process) does not 'use up your subscription'

Paying new money into an ISA 'uses up your subscription'

schiff

I know it's lazy asking this but....

Looking ahead to after July 1st, can you have a S&S ISA with one provider and a Cash ISA with a different one, provided the new money invested in 2014/15 combined amounts to no more than £15K?

I know the ISA terms I've used will no longer be valid after July 1st, but I've used them to make my question clearer (I hope!)

Archi_Bald

schiff wrote: »

I know it's lazy asking this but....

Looking ahead to after July 1st, can you have a S&S ISA with one provider and a Cash ISA with a different one, provided the new money invested in 2014/15 combined amounts to no more than £15K?

I know the ISA terms I've used will no longer be valid after July 1st, but I've used them to make my question clearer (I hope!)

Most of what you are used to will still apply after July 1, with very little fundamental change from what we have had for years. The only changes from July 1 are:

1. annual allowance in 2014-15 is £15K
2. it is possibles to transfer from S&S ISAs to cash ISAs
3. there is no longer any limit on how much of your allowance you can put into a cash ISA.

As always, you can have cash and S&S ISAs at different providers, and you can put in new money into these two up to your annual allowance.