Re-investing ISAs from previous years

Rich48

Morning all, i wonder if anyone can help with a couple of questions please?

I've got ISAs from previous years, which are shortly going to mature.

1. Am I right in thinking I'm able to re-invest these in new ISAs with different providers (I'm chasing best interest rates), without affecting my current tax year ISA contributions?

2. If so, how do I go about reinvesting - is there any form to fill in?

3. If 1 & 2 are possible, does it matter if the new ISAs go over the £20000 mark?

Many thanks in advance

masonic

1 Yes

2 You need to apply to your new ISA provider to transfer the accounts, don't withdraw and move them yourself or they'll be treated as being new money

3 No, many people hold ISAs far in excess of £20k

refluxer

1. Yes, you can transfer ISAs with subscriptions from previous tax years without it affecting the current tax year allowance.

2. The usual transfer process is to open your chosen ISA and then follow the new provider's transfer process. Obviously you need to make sure that the new provider accepts transfers, as some don't. The important thing is not to close the old ISA yourself, as it would lose it's tax-free ISA status.

3. No - it doesn't matter if an individual ISA goes over £20k. That is simply the most 'new money' you can deposit in an ISA (or combination of different types of ISA) in any one tax year.

Incidentally - I'm presuming that you're talking about cash ISAs in which case you're probably better off avoiding the phrase 'investing' as that term is more applicable to stocks and shares ISAs and can sometimes cause confusion

(oops - cross-posted with masonic !)

Nardy

1 Yes

2 Talk to the ISA provider you want to use. They will do it for you. I have just transferred an ISA that started out as a corporate Pep into an II account, it took about 4 weeks to complete but wasn't time consuming. If any forms are to be filled in your old and/or new provider will provide them

3 It's not a new ISA, it's an ISA wrapper associated with the year(s) the investments were first made.

Rich48

Thanks all:))

Rich48

Yes, I'm referring to cash ISAs:))