Cash ISA Declaration Question

kassy64

Hi, I have a current HSBC cash ISA which has been fully funded this tax year. Looking to 'transfer' it out to Halifax fixed 1 year cash ISA, but part of the declaration for signing up is the following question -
"- I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA"
How is that possible to do an ISA transfer in without having, albeit for a short time 2 x cash ISA's in your name?

refluxer

'Subscribing' to a cash ISA means paying in 'new money' (from this tax year) but as you're only doing a transfer, then you're not 'subscribing' to the new ISA so you're fine to agree to those terms.

Basically, the rule is that you can only pay new subscriptions into one cash ISA at any one time during the tax year (eg. new subscriptions have to stay together) and, by doing the transfer and transferring the whole amount, you are keeping within the rules.

kassy64

Ok, makes sense. Thankyou

Albermarle

kassy64 said:

Ok, makes sense. Thankyou

Read through the forum to keep up to speed with ISA rules, as very similar questions are asked all the time.

kassy64

Albermarle said:

kassy64 said:

Ok, makes sense. Thankyou

Read through the forum to keep up to speed with ISA rules, as very similar questions are asked all the time.

I'm ok thanks, contributor refluxer answered my specific query quickly, and sure he/she didn't mind at all.