Can you deposit into two S&S ISA's in the same tax year via ISA transfer

AnotherDayInParadise

On April 16 2021, I opened Stocks & Shares ISA "A" and deposited maxed out my allowance.

On May 17 2022, I opened another S&S ISA "B" and maxed out my allowance 

On 30 November 2022, I'd like to open a S&S ISA "C" and transfer ISA "A" into ISA "C" 
S&S ISA "A" down has over the £20k annual allowance mainly due to dividend

I won't make any further payments into S&S ISA "C" apart from reinvesting dividend

I don't have any other ISA's of any type.

Is paying into two S&S ISAs possible under a transfer route as opposed to a standard deposit route?

eskbanker

Yes, the rule is that you can only pay new money into one ISA of each type in a tax year, i.e. all your current year money must be in the same place, so transfers of prior year contributions don't conflict with this.

AnotherDayInParadise

eskbanker said:

Yes, the rule is that you can only pay new money into one ISA of each type in a tax year, i.e. all your current year money must be in the same place, so transfers of prior year contributions don't conflict with this.

Thank you for the speedy response @eskbanker. I thought that to be the case but thought I double check my interpretation 

R_C_

Hi,
I had a similar situation to the above but wanted to be 100% sure.  So I've accumulated various cash ISA's - several fixed with different expiry dates.  I'd like to move them to new fixed cash ISA's as they expire - but wanted to be sure I would not breach the rule around paying into more than one ISA.  All the funds would be transfers.

As a bonus question, if I then wished to top up one of my new fixed period Cash ISA's, is this allowed as long as it's only once during the tax year?  Usually there is a 30 day window to top up before it's locked.

Tks

refluxer

R_C_ said:

Hi,
I had a similar situation to the above but wanted to be 100% sure.  So I've accumulated various cash ISA's - several fixed with different expiry dates.  I'd like to move them to new fixed cash ISA's as they expire - but wanted to be sure I would not breach the rule around paying into more than one ISA.  All the funds would be transfers.

As a bonus question, if I then wished to top up one of my new fixed period Cash ISA's, is this allowed as long as it's only once during the tax year?  Usually there is a 30 day window to top up before it's locked.

Tks

As mentioned above, the £20k annual ISA limit applies only to 'new' money paid in during the current tax year - transfers don't count towards it. When it comes to Cash ISAs, I would think of it as you're either paying in (new money) or transferring and it's only when paying in that you have to pay attention to the limit and rules that restrict you to only paying into one different type of ISA at any one time.

Once transferred, you can top up with money from this year's ISA allowance (if the provider allows this) provided you haven't paid into any other Cash ISAs during this tax year. Contributions from the current tax year have to stay together in order not to break the ISA rules.