Is reinvesting a maturing ISA allowed if new ISA opened earlier in year?

Buffyster

I opened an Oak North one year fixed ISA last December.  I then opened a new ISA with another provider in September this year. Now the Oak North ISA is due to mature I have been offered the option of a higher rate ISA, again fixed for one year. If I choose that option does it count as a 'new' ISA or is it reinvesting and is that treated differently?

Doctor_Who

A maturing one year fixed ISA will not count as a new subscription this tax year unless you withdraw the money from the ISA and then deposit it in a new ISA. Reinvesting with the current provider or transferring to a new provider does not affect your ISA allowance for the current tax year.

Buffyster

Thanks Doctor Who, that's really helpful.

Albermarle

Buffyster said:

Thanks Doctor Who, that's really helpful.

You would benefit from reading through the forum, where these kind of questions about transfers etc are asked on a virtually daily basis.