Problem re transfer in's

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e300462
e300462 Posts: 4 Newbie
edited 27 June 2014 at 9:00PM in ISAs & tax-free savings
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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  • Your_Hero
    Your_Hero Posts: 883 Forumite
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    Please read this thread http://forums.moneysavingexpert.com/showthread.php?t=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.
  • e300462
    e300462 Posts: 4 Newbie
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    Great news can u tell me where u have picked this info up from so I can do further research myself
  • Your_Hero
    Your_Hero Posts: 883 Forumite
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    Great news can u tell me where u have picked this info up from so I can do further research myself
    I work as an IFA in the industry.

    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.
  • e300462
    e300462 Posts: 4 Newbie
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    OK thanks for the info
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