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Problem re transfer in's
e300462
Posts: 4 Newbie
My problem is that I have new money now to invest in an ISA this year plus old ISA's maturing later this year. Can I use the new money now in an ISA I fancy and then later in 2014/5 when the old ISA money matures transfer this into another ISA product which is best at the time and excepts transfers in. My worry is am I trying to create more than 1 ISA and above the ISA limits in the same tax year
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Comments
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Please read this thread https://forums.moneysavingexpert.com/discussion/5002515
The exact same question has been raised and answered already. In a nutshell, it is fine.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Great news can u tell me where u have picked this info up from so I can do further research myself0
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I work as an IFA in the industry.Great news can u tell me where u have picked this info up from so I can do further research myself
The ISA limits refer to new money (i.e. non-ISA money) being paid in that year and is NOT a cap on the balance. You cannot pay into 2 ISAs with different providers in the same tax year. The transfer of previous years' ISAs do not count.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
OK thanks for the info0
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