ISA rules query

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 684 views
IM135IM135 Forumite
1 Post
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hello,

Looking for some advice as I can’t find the answer on the site.

I have opened up a new stocks and shares ISA this year with a different platform provider to the one I’ve used last year. I’m not really liking the app and online layout/site and wishing I’d gone with the same platform I used last year or a cheaper one.

If I transfer the money out AND close the account is it possible to open a new stocks and shares ISA in the same year?

Or do I need to suck it up and wait for next April to transfer?

As far as I can see there are no transfer fees or penalties/charges for account closure.

Sorry if this is a stupid question!

Replies

  • cloud_dogcloud_dog Forumite
    5.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    IM135 wrote: »
    If I transfer the money out AND close the account is it possible to open a new stocks and shares ISA in the same year?
    If you transfer the account (current years ISA) then you are not opening a new subscription.

    If the receiving provider requires you to open an account before you transfer then that might be problematic. Best check with the receiving provider.

    You cannot open a new ISA this tax year.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • eskbankereskbanker Forumite
    18.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    cloud_dog wrote: »
    If you transfer the account (current years ISA) then you are not opening a new subscription.

    If the receiving provider requires you to open an account before you transfer then that might be problematic. Best check with the receiving provider.

    You cannot open a new ISA this tax year.
    Not sure if it's 'just' semantics but I disagree with how you've worded that - if OP wishes to move to a new provider this year then they do need to start by opening an ISA with the new provider before then arranging with them to transfer all the contents of the old one over prior to adding any new money.

    It's correct to say that the new provider needs to accept inbound transfers though, and if the intention is to transfer investments in specie (rather than via cash) then clearly the new provider needs to offer the investments concerned.

    Transferring all of this year's contributions back to last year's provider would also be viable, again assuming they accept transfers.
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals