Confusing myself with ISA transfer rules.

virenque

Hi, I'd be grateful for some advice.
I have
A - Cash ISA
B - Stocks and Shares ISA (opened this tax year)
C - Stocks and Shares ISA (opening next tax year)
So I want to do a partial transfer from the Cash ISA to the new ISA next April. But then I don't want to add any more money to it and continue buying funds
in Stocks and Shares ISA B. Is this possible?

eskbanker

It's not completely obvious exactly which ones will be funded and in which years but it sounds like it should be possible, the primary rule being that you can only pay new money into one ISA of each type in any tax year - you can do what you like with prior year money, so transferring that around doesn't affect your choice of ISA (for new contributions) in the current year and you can pay into both A and B this tax year, and pay into A and either B or C after 6 April 2021....

virenque

Hi Eskbanker, thanks for the reply, yes this was my confusion, I won't be contributing any new money to the ISA opened in the next tax year, only transferring what will be cash from previous tax years. So new money will only be going into the old (by then) S&S ISA. I'm probably making the situation too complicated, but I like the funds I'm playing with in the current ISA but wouldn't trust them with a large amount!!

Alexland

Next year you would be fine to transfer your Cash ISA from this year into a new S&S ISA and (provided you don't make any additional contributions into the new S&S ISA) you can continue to contribute into your S&S ISA from this tax year.