Paying into and transferring into the same type of ISA

Troy_af

Hello all,

I have a quick question about the upcoming ISA allowance for the 24/25 tax year. I am looking to put £20,000 into a S&S ISA, which, as I understand, is the annual limit allowed for contribution. However, I currently have a fixed cash ISA which is due to mature soon. Can I also transfer this into a S&S ISA, in addition to the above £20,000?

I understand that transferring does not count towards the £20,000 limit, but I’ve read up on rules which state that you can’t pay into the same type of ISA in a given tax year. So the question is, is transferring classed as “paying into”?

Thanks for any advice.

masonic

Presumably your fixed cash ISA is from a previous tax year, so you would not be exceeding your allowance for 2024/25. There is no longer (as of 6th April) any restriction on the number of ISAs of the same type you can pay into.