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Matured ISA Transfer

Chief25
Posts: 7 Forumite

Hi All.
Can i ask for advice please on the below scenario, I'm a bit confused and unsure if this is possible.
Feb 2023 i opened a Barclays 1 year fixed ISA which matured Feb 2024. This ISA was funded with the full £20K of my 2022/2023 allowance, and then in June 2023 i added another £2000 from my 2023/2024 allowance.
When the ISA matured last month, it converted to an easy access issue 1 which as i understand it is a flexible ISA. the full balance was withdrawn and moved to a non-ISA account.
The original fixed ISA for 2023/2024 has now disappeared upon maturation.
I would like to re-fund the Barclays easy access issue 1 with £20K for 2023/2024, and then transfer this out to a ZOPA easy access ISA before the end of 2023/2024 deadline, and then add a further £20K in 2024/2025 giving me £40K in the ISA wrapper.
Starting with the Barclays issue 1, as this replaced the fixed term ISA i had, is this considered to be the same ISA for allowance purposes and ok to re-fund?
Assuming yes, can i then transfer the £20K to the Zopa ISA in the same tax year or do i need to wait until 2024/2025 to be able to transfer out?
Sorry for the long winded post. TIA.
Can i ask for advice please on the below scenario, I'm a bit confused and unsure if this is possible.
Feb 2023 i opened a Barclays 1 year fixed ISA which matured Feb 2024. This ISA was funded with the full £20K of my 2022/2023 allowance, and then in June 2023 i added another £2000 from my 2023/2024 allowance.
When the ISA matured last month, it converted to an easy access issue 1 which as i understand it is a flexible ISA. the full balance was withdrawn and moved to a non-ISA account.
The original fixed ISA for 2023/2024 has now disappeared upon maturation.
I would like to re-fund the Barclays easy access issue 1 with £20K for 2023/2024, and then transfer this out to a ZOPA easy access ISA before the end of 2023/2024 deadline, and then add a further £20K in 2024/2025 giving me £40K in the ISA wrapper.
Starting with the Barclays issue 1, as this replaced the fixed term ISA i had, is this considered to be the same ISA for allowance purposes and ok to re-fund?
Assuming yes, can i then transfer the £20K to the Zopa ISA in the same tax year or do i need to wait until 2024/2025 to be able to transfer out?
Sorry for the long winded post. TIA.
0
Comments
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If we take the starting point as holding a flexible cash ISA with £22K in it, of which £2K is current year money, then yes, you can withdraw some or all of that and then return it to the same ISA (assuming it's still open), and then transfer it elsewhere either this tax year or next.2
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