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

Buffyster
Posts: 7 Forumite

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?
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Comments
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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.
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.3 -
Thanks Doctor Who, that's really helpful.0
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Buffyster said:Thanks Doctor Who, that's really helpful.0
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