ISA thresholds

Fluffy_E11

Quick question - can I transfer my existing ISA into another with better interest and put in £20k into a new ISA in the same tax year?
my current ISA rate is poor but I also want to put new money in. Thanks all!

Ayr_Rage

Yes, you can move "old money" from previous tax years anywhere you want and put your £20,000 annual allowance into the same or a different product.

Think of it like this, only £20,000 of "new money" per tax year.

Rules change slightly next tax year as to how many ISAs you can have in a year but the limit remains the same unless Mr Hunt makes a surprise announcement at lunchtime.

eskbanker

Ayr_Rage said:

Rules change slightly next tax year as to how many ISAs you can have in a year

Strictly speaking, there's never been a limit on how many ISAs you can have in a year, but the rule about how many you can fund with new money in a year is being relaxed....