Yet another isa query

dazza-mac

Hi,

I have just opened an isa for this tax year with the maximum amount. I can't transfer any other isa's in.

I have another isa which is about to mature in May. I can't open another isa but am I able to go and find another isa and transfer this one in?

Vortigern

You can open another ISA and transfer the old one in when it matures.

You can open as many as you like. The rules say you can't pay in to more than one cash ISA in any tax year. This rule does not affect ISA to ISA transfers.

dazza-mac

Vortigern wrote: »

You can open another ISA and transfer the old one in when it matures.

You can open as many as you like. The rules say you can't pay in to more than one cash ISA in any tax year. This rule does not affect ISA to ISA transfers.

So let me get this right, I can open another (or many) - but would I be able to do that even tho I can't put any new money in (because I've just done that with another isa) - but I can open one and simply transfer the isa that matures in May?

I thought I would have to put some new cash in...

badger09

dazza-mac wrote: »

So let me get this right, I can open another (or many) - but would I be able to do that even tho I can't put any new money in (because I've just done that with another isa) - but I can open one and simply transfer the isa that matures in May?

I thought I would have to put some new cash in...

No, and in fact you should not put any new cash in as you've already subscribed to a cash ISA this tax year.

Unfortunately, some of the wording on some of the ISA provider's transfer forms is misleading, and suggests you must open with a deposit (of new cash). Ignore that and simply complete their transfer form

bigfreddiel

dazza-mac wrote: »

So let me get this right, I can open another (or many) - but would I be able to do that even tho I can't put any new money in (because I've just done that with another isa) - but I can open one and simply transfer the isa that matures in May?

I thought I would have to put some new cash in...

There's a clue in your own thinking - new cash.

A transfer isn't new cash - it's already in an isa wrapper and a transfer merely moves it from one isa wrapper to another isa wrapper, nothing new about it.

Cheers fj