£20000 allowance gone because of transfer?

MikMikandThriceMik

One company transferred 25k from old ISA provider to it.
I had not deposited anything extra this 2024 tax year yet into either company cash ISA, but new company is now saying I have used up tis years £20K allowance so cannot deposit any more money into it.
Not sure if I can still deposit into old company cash ISA still for this 2024vtax year.
Is that correct?
Thank you.

dunstonh

Did you use the ISA transfer service that is initiated by the new ISA provider?    
Or did you instruct the old ISA provider to send money to the new ISA provider?

Not sure if I can still deposit into old company cash ISA still for this 2024vtax year.

Is either of the ISAs a flexible ISA?

MikMikandThriceMik

Used the new company transfer service, did not tell old company to move it. Did not withdraw and the deposit.
This guy at the 09:45minute mark says transfer ins are not counted towards the current year £20K so I don't know why the new company is saying I have used up my allowance.
https://m.youtube.com/watch?v=C75QzU-rDYs

Not sure about flexible, will have to go look.

Thank you.

gravel_2

Who is the new provider?

MikMikandThriceMik

gravel_2 said:

Who is the new provider?

Trading212 cash ISA

gravel_2

When you transfer to T212 (and this is odd, but I think an attempt to comply with the simultaneous loosening and tightening of ISA rules from April 2024) you as the user are required to specify how much money you want to transfer from the current tax year, and how much from past tax years.

Is it possible when filling out that form you accidentally told T212 you were transferring this year's money when in fact you were not?

I moved ~£30k to T212 Cash ISA, all from previous tax years, and it did not affect my current year subscription entitlement. My only guess is that they have it labelled wrong, potentially due to how you filled out the form.

If they are unable to resolve it you could always try opening up a different ISA for this year and then transferring it to T212...

lohr500

That's strange.

In June, my wife transferred a circa £10k balance from her 23/24 Virgin Cash ISA into the Trading 212 Cash Isa.
After the transfer had completed the T212 App showed that she still had a £20k allowance available for the current year.
She has subsequently deposited £18k for this year and now the T212 App says she has a £2k allowance remaining.

So her case differs from yours. I would go back to T212 and challenge their advice.

MikMikandThriceMik

gravel_2 said:

When you transfer to T212 (and this is odd, but I think an attempt to comply with the simultaneous loosening and tightening of ISA rules from April 2024) you as the user are required to specify how much money you want to transfer from the current tax year, and how much from past tax years.

Is it possible when filling out that form you accidentally told T212 you were transferring this year's money when in fact you were not?

I moved ~£30k to T212 Cash ISA, all from previous tax years, and it did not affect my current year subscription entitlement. My only guess is that they have it labelled wrong, potentially due to how you filled out the form.

If they are unable to resolve it you could always try opening up a different ISA for this year and then transferring it to T212...

I don't remember ever being asked if I deposited any money this year,when I filled in the tansfer details.

Let's see what t212 comes back with, since I have emailed and asked via chat.

Thanks.

Teacake1903

Aren't 212 stopping transfers in for a short while? Money Saving Expert says it is until July so may not have accepted transfers yet

boingy

I wasn't impressed during my brief time with Trading212.
Their customer service made Moneybox look professional! 
Some of these companies seem fine until you need their help and they they often seem to come up short. 

MikMikandThriceMik

Teacake1903 said:

Aren't 212 stopping transfers in for a short while? Money Saving Expert says it is until July so may not have accepted transfers yet

Got a msg saying they were on again.