transferring one isa, opening and subscribing to another

gele

Hello I know this has been discussed a number of times but I just want to clarify before I advise someone else. A maturing ISA can be transferred to a new ISA now [happens to be with same bank] without adding extra funds and then another ISA opened in a couple of months time to add new subscription of £20k for this tax year. I am correct aren't I ? Being extra cautious as its not my money.
Thanks

eskbanker

gele said:

Hello I know this has been discussed a number of times but I just want to clarify before I advise someone else. A maturing ISA can be transferred to a new ISA now [happens to be with same bank] without adding extra funds and then another ISA opened in a couple of months time to add new subscription of £20k for this tax year. I am correct aren't I ? Being extra cautious as its not my money.
Thanks

Yes, transfers don't affect current year contribution allowance, as long as the receiving provider's ISA transfer process is used.

gele

Thank you. I felt 99% sure but just needed reassurance.

gele

The maturing one is staying with the same bank, It isn't showing on their list of maturity options but is an ISA that is still available to open so its hoped that it can be opened quickly and the maturing funds transferred into it. The new one for this years allowance will be opened with another bank .