ISA Rules

Amazedandconfused

Hi.
I know this has probably been asked a million times already but I don't really understand ISA Rules.

So  I can invest £20k max in this tax year. This is know.
When the next tax year starts  can I invest another £20k max, totalling £40k? Then on and on each tax year £60k, £80k etc.
What then happens if I want to transfer to another provider, can I transfer the full amount in the previous ISA, or do I have to start from scratch? 
Thanks guys

masonic

Yes, you can add £20k per tax year, and as long as you use the new provider's transfer process, anything you transfer will not count towards this allowance. It is possible to build up very large sums of money over the years.

Ayr_Rage

Previous subscriptions can be transferred in full or part as and when you wish.

However not all providers allow partial transfers, you'll have to check the terms.

The only limit is £20,000 of new money each tax year.

Albermarle

I know this has probably been asked a million times already but I don't really understand ISA Rules.

Probably not a Million times, but not far off 

More seriously you would benefit from reading through the forum, as a good way of getting up to speed with ISA rules. 

400ixl

The key thing to avoid is to be withdrawing the money from the ISA umbrella and then putting it into a new ISA. You must do it via a transfer otherwise it is classed as new money.