ISA confusion

dan041961

Seeking help re maturing ISA

my current cash  ISA of £20K matures  very soon on 1/9/24. Opened with £20K 1/9/23
i also purchased in May 2024 £7K in stocks and shares ISA with trading 212. 

I suddenly realised if I reinvest the £20K cash ISA ( plus interest circa £1K) it would seem to go over this year’s allowance. I had presumed they were from different tax years until now. Can I reinvest the cash ISA now and still keep the £7K. 

Many thanks in advance for any helpful advice 

badger09

HMRC limit of £20k is the max amount of new money you can subscribe (pay in) each year.  You can leave your £20k plus interest where it is, or xfer it to another ISA provider using that new providers xfer process.  

Beddie

You've not gone over any limits and you can transfer the £20k ISA, plus the interest, to another ISA, or leave it with your current provider. The £20k limit is how much you can put in per tax year. You can still add another £13k of new money to ISAs this tax year.

What you cannot do is withdraw the £20k and put it in another ISA.

lohr500

Your £20k cash ISA was opened in the 2023/2024 tax year.
The £7k stocks & shares ISA was opened in the current 2024/2025 tax year.

So as I understand it you can transfer the 2023/2024 Cash ISA (320k plus interest) into either another Cash ISA or a S&S ISA when it matures, providing the new provider you choose allows transfers in . You must do this as an ISA to ISA transfer to maintain the tax free status of the 2023/2024 allocation.

Albermarle

dan041961 said:

Seeking help re maturing ISA

my current cash  ISA of £20K matures  very soon on 1/9/24. Opened with £20K 1/9/23
i also purchased in May 2024 £7K in stocks and shares ISA with trading 212. 

I suddenly realised if I reinvest the £20K cash ISA ( plus interest circa £1K) it would seem to go over this year’s allowance. I had presumed they were from different tax years until now. Can I reinvest the cash ISA now and still keep the £7K. 

Many thanks in advance for any helpful advice 

Spending some  time reading through the forum, would increase your knowledge about ISA rules.

jimjames

dan041961 said:

. I had presumed they were from different tax years until now. 

They are from different tax years from what you've said, what made you change your mind?

dan041961

Thanks everyone for clarifying the ISA situation for me. Very much appreciated