ISA query 22 December 2022 at 2:05PM in ISAs & tax-free savings 3 replies 255 views

Lerennie

I have one cash ISA with £80k maturing in Oct 2023.  In tax year 2023/2024 I intent to open a new cash ISA and add my new maximum allowance for that tax year. 

My question is: in tax year 2023/2024, can I transfer/spilt my original £80k ISA into two new £40k ISAs with different providers? 

This would mean that in 2023/2024 I would have opened a new ISA with its new allowance and two further cash ISAs containing transfers from previous years allowances/old money.
 
HMRC and my current ISA provider can't seem to answer this.

Albermarle

Yes you can, as long as the current cash ISA allows partial transfers.

HMRC and my current ISA provider can't seem to answer this.

If you have an ISA question, probably quicker just to trawl through the threads on here, as every conceivable ISA question has been asked and answered many times. Also the answers will normally be clearer, than you will get from HMRC or reading Terms & Conditions.

Reed_Richards

Albermarle said:

Yes you can, as long as the current cash ISA allows partial transfers.

When an ISA matures it is usually transferred into an easy-access ISA account (attracting a modest rate of interest).  I think it is very unlikely your ISA provider would not allow partial transfers from such an account.  

Ramie2021

It would also be prudent to split the ISA into two lots given the FSCS limit which is up to £85,000.