move/transfer cash isa to S&S ISA/SIPP??

silvand

I'm planning on moving my money out of my cash ISA and into my S&S ISA or SIPP. However I don't know whether to simply transfer it all, partial or none at all into my S&S ISA and instead, to take some money out of the cash ISA and into my SIPP. I already have an emergency fund in current account so don't plan on using this cash.

Currently -

Cash ISA - about £17k and added in previous years. Last time I've touched the account is when I transferred it from old to new bank for higher interest (but still rubbish)

S&S ISA - current year is full and next year I wouldn't be maxing out

SIPP - current year is full and next year I wouldn't be maxing out

Am I right in thinking that I can transfer my cash to the S&S ISA despite me having maxed out this years ISA allowance?

Given that next year I won't be maxing either ISA or SIPP, can I take e.g. £7k from the cash ISA and move it into my SIPP? An the remainer to do a "transfer" from cash ISA to my current S&S ISA? If so do I just tell my S&S Platform (Cavendish) to do the transfer on the remaining £10k?

Thanks

eskbanker

silvand wrote: »

Am I right in thinking that I can transfer my cash to the S&S ISA despite me having maxed out this years ISA allowance?

Yes, transfers don't affect annual allowances, so money that's already within the ISA environment can be moved around as you wish if it's from previous years, provided that you use the receiving provider's transfer process rather than trying to do it yourself.

silvand wrote: »

Given that next year I won't be maxing either ISA or SIPP, can I take e.g. £7k from the cash ISA and move it into my SIPP?

Yes.

silvand wrote: »

An the remainer to do a "transfer" from cash ISA to my current S&S ISA?

Yes, although make sure it's a transfer, not a "transfer"!

silvand wrote: »

If so do I just tell my S&S Platform (Cavendish) to do the transfer on the remaining £10k?

Yes, as long as both providers support partial transfers (most do).

xylophone

Am I right in thinking that I can transfer my cash to the S&S ISA despite me having maxed out this years ISA allowance?

You can transfer the subscriptions from previous years to the current year if the current provider accepts them - can't see any reason why an S&S provider wouldn't.

You can take £7000 from the old cash ISA before asking Cavendish to organise the transfer.

What exactly do you mean when you say that your SIPP is full for the current year?

silvand

Thanks. Didn't know that partial transfers are an option. I may need to wait for next year to do this as I'm unsure whether my bank and Cavendish allows partial transfers. I'm also currently maxed for my SIPP this year.



@xylophone, sorry I don't know how to quote. I have added enough of my gross wages to my SIPP this year and as I understood, if I go over, I'll get taxed. My "tax relief" limit for the year?

xylophone

You have both a workplace pension and a SIPP?

The total amount contributed to your scheme (s) this tax year (including tax relief) is equal to 100% of your relevant earnings?

silvand

Yes I have a workplace pension that I'm maxing out employer contributions.