cash isa transfer

smileguy

Hello everyone anyway hope someone can help me with isa question .This year i opened a new instanst barclays isa paid in 100 pounds plus transfered an isa from a previous year into it,the rate has dropped now so i am wondering what my options are? can i transfer all of this into another isa and still be able to pay 15140 into the new isa or is this not allowed?. will i have to pay the rest of the 15140 into the barclays isa now this year in which case can i transfer out all and leave the 100 pounds?.As the rate dropped i decided to save in regular savers then deposit it in an isa before end of tax year. hope someone can help many thanks

Archi_Bald

smileguy wrote: »

can i transfer all of this into another isa and still be able to pay 15140 into the new isa

yes you can

bigfreddiel

To be on the safe side pay into your current ISA and then transfer the lot.

Or transfer all bar a token amount, leaving your ISA open so you can pay into it next April before the 5th, then transfer the lot.

Cheers fj

smileguy

thanks bigfreddiel think thats what i will do transfer out all bar a token amount then put in the rest of this years allowance before 5th april.

YorkshireBoy

Can you make a partial transfer of a current year ISA?

bigfreddiel

YorkshireBoy wrote: »

Can you make a partial transfer of a current year ISA?

Just ask the provider first, I know I've done it in the past

Cheers fj

Eco_Miser

YorkshireBoy wrote: »

Can you make a partial transfer of a current year ISA?

No (except to an S&S ISA), but you can transfer the current year plus most of the previous years if you want - but you must say where the current year's money is, and and further additions this year must go to the same place.
Big Freddie's suggestion won't work - well it probably will, until HMRC catch up.

OP, is there actually any point in having a cash ISA at all? Current accounts and regular savers pay much more, and from next April up to £1000 of interest will be tax free for basic rate taxpayers.

bigfreddiel

Eco_Miser wrote: »

No (except to an S&S ISA), but you can transfer the current year plus most of the previous years if you want - but you must say where the current year's money is, and and further additions this year must go to the same place.
Big Freddie's suggestion won't work - well it probably will, until HMRC catch up.

OP, is there actually any point in having a cash ISA at all? Current accounts and regular savers pay much more, and from next April up to £1000 of interest will be tax free for basic rate taxpayers.

Good point, I transferred to an equity ISA, and wasn't and neither were opened in the current year. Sorry to have misinformed!

And true, you can get £1,000 tax free interest next year for 20% tax payers, only £500 for 40% tax payers.

And right now, if your only income is around £10,600, you can earn up to £5,000 interest. To be precise you can earn in total £15,600 tax free.

This will all apply in future years as well as £5,000 of dividend income tax free. Marvellous isn't it!

Cheers fj

YorkshireBoy

Eco_Miser wrote:

No

The question was rhetorical. I knew the answer, and was just prompting fj (and the OP) to do some research.

bigfreddiel

YorkshireBoy wrote: »

The question was rhetorical. I knew the answer, and was just prompting fj (and the OP) to do some research.

Luv it :beer:

Eco_Miser

YorkshireBoy wrote: »

The question was rhetorical. I knew the answer, and was just prompting fj (and the OP) to do some research.

Given fj's reply to you, that didn't work.
Given fj's reply to me, that did work.