Can I transfer an empty S&S ISA in order to make more contributions this year?

msallen

Hi all

I'd appreciate some input from someone in the know about this.

I previously had a small S&S ISA with Virgin. The last monthly contribution I made was in April (after 6th) this year, and I cashed it in a few weeks later. I would now like to start an S&S ISA with a different platform - one that offers me a much wider choice of funds/ITs/shares.

I know I cannot just open another S&S ISA as I have already contributed to one this tax year, but would it be be possible/legal to transfer my Virgin S&S ISA (value £0) to a new platform and then make contributions to it this year?

If not, would a possible workaround be to invest a small amount back into the Virgin one first so that its not empty.

Thanks
msallen

masonic

It is possible to transfer it. If you closed it, Virgin must reopen it so that you can transfer it. It shouldn't be necessary to put any money into the ISA before transferring it, but it might help things go more smoothly and certainly won't hurt.

AnotherJoe

I agree that whilst in theory it might be possible to transfer an empty one, it's probably not the norm, and might cause a glitch, so I'd put some money in it first as a precaution, and then transfer it.

msallen

Thanks folks. I'll put some money back in it first then.