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Difference between new and transferred ISA
FinanceIsNewToMe
Posts: 1 Newbie
I’m helping my Mum sort out her savings since my Dad died. He had £20k in his current account so she immediately opened a new ISA and put the £20k into it.
She also has a long standing ISA with £30k in it on abysmal rate. Can she transfer this ISA to a better one in this tax year or has she already used up this year’s allowances.
Thanks
0
Comments
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Transferring an ISA (using the receiving provider's ISA transfer process) doesn't count towards the current year's £20K annual contribution allowance.2
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The £20k allowance is for new money. Assuming the new Cash ISA accepts transfers-in she can transfer the £30k from previous tax years into it (I'm assuming the old one is an easy access account). Be sure to instruct the new provider to action the transfer.1
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Could be a good idea to scroll through the ISA forum.
ISAs & tax-free savings — MoneySavingExpert Forum0
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