ISA limits

paulhack72

I've accidentally put my full ISA limit (£20K) into my cash ISA, instead of splitting it between my lifetime ISA (£4K) and cash ISA (£16K).
These are with moneybox.
It is not letting me transfer inbetween them - is this correct - am I not able to correct the transactions.  I mistakenly thought that the £4k lifetime ISA limit was as well as a £20K cash ISA limit.

InvesterJones

Probably can't split the current year subscriptions, but should be able to transfer it as a previous year come the new tax year.

amanda1024

I think you can open a lifetime ISA elsewhere and transfer £4k into it

dunstonh

It is not letting me transfer inbetween them - is this correct - am I not able to correct the transactions. 

It seems logical that it wouldn't allow a transfer as it isn't a transfer.

However, if its a flexible ISA, you should be able to draw £4000 from the S&S ISA, which will give you back the £4000 allowance and allow you to pay back into the LISA.

If its not a flexible ISA and you are still within the cancellation rights period, you could exercise that to get back your allowance and restart.

eskbanker

amanda1024 said:

I think you can open a lifetime ISA elsewhere and transfer £4k into it

It isn't permitted to split up the current year cash ISA money though.

amanda1024

eskbanker said:

amanda1024 said:

I think you can open a lifetime ISA elsewhere and transfer £4k into it

It isn't permitted to split up the current year cash ISA money though.

But LISAs are separate? So each year you can put new money in a cash ISA, and a S&S isa, and a LISA (cash or S&S), and an innovative finance ISA. Otherwise, everybody putting £4k in a LISA would lose the other £16k of allowance…

mebu60

amanda1024 said:

eskbanker said:

amanda1024 said:

I think you can open a lifetime ISA elsewhere and transfer £4k into it

It isn't permitted to split up the current year cash ISA money though.

But LISAs are separate? So each year you can put new money in a cash ISA, and a S&S isa, and a LISA (cash or S&S), and an innovative finance ISA. Otherwise, everybody putting £4k in a LISA would lose the other £16k of allowance…

@InvesterJones has also said.

@dunstonh makes a good observation should it be a flexible ISA. Otherwise this year's LISA for the OP would appear to be lost through user error. 

mebu60

My response above is only partially displaying, from @InvesterJones onwards.

What it actually says, and is there in full when I go to edit, assuming it will now display in full, is:

@InvesterJones has also said.

@dunstonh makes a good observation should it be a flexible ISA. Otherwise this year's LISA for the OP would appear to be lost through user error. 

mebu60

Truly bizarre!!

I will try just adding the missing bit:

@InvesterJones has also said.

mebu60

Nope!! 

I believe what eskbanker is saying is that currently current tax year cash ISA funds cannot be partially transferred out as InvesterJones has also said

mebu60

The body of text at 2:07 should be before the text in the reply at 2:02. 

Removing the @ signs seemed to resolve display issue.

<shakes head>