Multiple ISA activities in same tax year

lvegas2009

I am thinking in restructuing some of the ISAs I hold.  Am I right in thinking I can do the following, all within the same tax year.

1) Open a new CASH ISA (ISA1)

2) Request a transfer to this new ISA1 from an existing stocks and shares ISA from a different provider

3) Open an additional CASH ISA (ISA2) and pay in the full annual 20K allowance

4) Do a partial transfer from stocks and shares ISA into ISA2

5) Do a complete transfer of an existing cash ISA into ISA2

In summary, I am only paying the annual allowance into one new cash isa; the other activities are transfers

Additionally, if a provider advertises they permit transfers in, does that usually mean from multple sources?

Thanks in advance

badger09

lvegas2009 said:

I am thinking in restructuing some of the ISAs I hold.  Am I right in thinking I can do the following, all within the same tax year.

1) Open a new CASH ISA (ISA1)

2) Request a transfer to this new ISA1 from an existing stocks and shares ISA from a different provider

3) Open an additional CASH ISA (ISA2) and pay in the full annual 20K allowance

4) Do a partial transfer from stocks and shares ISA into ISA2

5) Do a complete transfer of an existing cash ISA into ISA2

In summary, I am only paying the annual allowance into one new cash isa; the other activities are transfers

Additionally, if a provider advertises they permit transfers in, does that usually mean from multple sources?

Thanks in advance

Basically yes. As long as you use the new ISA providers’ process to effect the transfers. 

CAVEAT check that both new & old providers allow partial transfers where applicable. Not all of them do. 

HMRC rule is that you can pay new money into only one ISA (of each type) each tax year. And that all current year ISA subscriptions must be kept together. 

Doctor_Who

lvegas2009 said:

I am thinking in restructuing some of the ISAs I hold.  Am I right in thinking I can do the following, all within the same tax year.

1) Open a new CASH ISA (ISA1)

2) Request a transfer to this new ISA1 from an existing stocks and shares ISA from a different provider

3) Open an additional CASH ISA (ISA2) and pay in the full annual 20K allowance

4) Do a partial transfer from stocks and shares ISA into ISA2

5) Do a complete transfer of an existing cash ISA into ISA2

In summary, I am only paying the annual allowance into one new cash isa; the other activities are transfers

Additionally, if a provider advertises they permit transfers in, does that usually mean from multple sources?

Thanks in advance

As above. Partial transfer from S&SISAs are often not allowed, so you will need to check the T&Cs with the provider to see if you can do point 4. An ISA transfer-in is usually not limited to a single transfer or source.

MiserlyMartin

I've moved ISAs so many times now that I forgot which account of old tax years ISA money the current tax years one is in now! Goodness knows what happens now, but I am doing transfers of more than the current years subscription so I guess it doesn't matter? ie it's transferring over in full