ISA Transfer Question - Am I Stuffed?

Lumphammer2

I want to open a Nat West Fixed 1 year Cash ISA at NatWest.  I was hoping to transfer £50k from a stocks and shares ISA.

I have already opened a cash isa for £10k for this year with another provider.

NatWest's declaration says I can't.  So I am stuffed because of opening the £10k ISA?

Mr_blibby

you can transfer previous years contributions as long as the receiver accept transfers. If you have contributed to the isa that you want to transfer, you have to move the whole lot - further info here https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Lumphammer2

Thanks.  

Transferring in balances from other ISAs

You can transfer all or part of any ISA held with another provider to us by completing an ISA Transfer Request form.

But..

Eligibility

You must be aged 16 years or over and resident in the UK for tax purposes.

You must:
• nothavesubscribedtoanothercashISA(includingaHelptoBuy:ISAwithanotherprovider)orinvestedthemaximumamount

in any combination of permitted ISAs in the same tax year; and

masonic

Lumphammer2 said:

Thanks.  

Transferring in balances from other ISAs

You can transfer all or part of any ISA held with another provider to us by completing an ISA Transfer Request form.

But..

Eligibility

You must be aged 16 years or over and resident in the UK for tax purposes.

You must:
• nothavesubscribedtoanothercashISA(includingaHelptoBuy:ISAwithanotherprovider)orinvestedthemaximumamount

in any combination of permitted ISAs in the same tax year; and

Does the £50k you want to transfer from the S&S ISA include money subscribed in the same tax year as the £10k subscribed to the cash ISA?

Lumphammer2

Thanks, Masonic.  

No.  The S&S ISA was from years ago.   I only opened the cash ISA.

masonic

Then you are not breaching the declaration as written (and certainly not the declaration as intended by HMRC).

Noseybear38

I was also hoping to open this ISA. I have a cash ISA with another provider which I paid £19k into this tax year. Can I transfer all of that ISA to this one or am I now unable to open another one until the new tax year?

Ocelot

Noseybear38 said:

I was also hoping to open this ISA. I have a cash ISA with another provider which I paid £19k into this tax year. Can I transfer all of that ISA to this one or am I now unable to open another one until the new tax year?

You can transfer the ISA opened this tax year, but there will be a penalty if it is fixed rate.

A lot of ISA providers say 'you must not have opened an ISA this year already..blah..blah', but this only applies to paying new money into the ISA, not transferring a previously opened one.