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Can I put new money into 2 IFISAs in the same tax year?

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FatherAbraham
FatherAbraham Posts: 1,024 Forumite
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in ISAs & tax-free savings
If I put £5,000 into an IFISA with Zopa, and £5,000 into a cash ISA, may I then transfer the cash ISA's current-year contribution of £5,000 to an IFISA with RateSetter, effectively getting new money into two IFISAs in the same tax year?

Or do the ISA rules forbid this?
Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
THE WAY TO WEALTH, Benjamin Franklin, 1758 AD

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  • Wildsound
    Wildsound Posts: 365 Forumite
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    The ISA rules forbid this.
  • masonic
    masonic Posts: 23,546 Forumite
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    You need to wait until after the end of the tax year to transfer the cash ISA (at which point it becomes 'previous year money' and disregarded for the purposes of the disallowed combination of ISAs rule).
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