ISA account transfer and creating new ISA

ewicc

but does the transfer not need to happen before the 5th April deadline to be using 2024/25 allowance?

InvesterJones

ewicc said:

but does the transfer not need to happen before the 5th April deadline to be using 2024/25 allowance?

No, you've already used previous allowance when you contributed. Transfers are not new contributions and so don't use up any allowance.

ewicc

InvesterJones said:

ewicc said:

but does the transfer not need to happen before the 5th April deadline to be using 2024/25 allowance?

No, you've already used previous allowance when you contributed. Transfers are not new contributions.

But new money going into the new ISA has to done before the 5th April deadline for it to be in the 2024/25 allowance?

InvesterJones

ewicc said:

InvesterJones said:

ewicc said:

but does the transfer not need to happen before the 5th April deadline to be using 2024/25 allowance?

No, you've already used previous allowance when you contributed. Transfers are not new contributions.

But new money going into the new ISA has to done before the 5th April deadline for it to be in the 2024/25 allowance?

Yes, but you can't transfer new money, only old money.

JGB1955

ewicc said:

but does the transfer not need to happen before the 5th April deadline to be using 2024/25 allowance?

No!  You get a new allowance of £20K EVERY year.  You could have opened an ISA THIS year and another one on 6 April. Historic ISAs can be transferred at will.

ewicc

so in theory if I had an ISA that i opened in 2020 that has £20K in it, I can open a new ISA then transfer that £20K from the old ISA to the new one and then add another £20K from my current account into it before the 5th April deadline and it would all be in the 2024/25 allowance. Then I could add another £20K if I had it afterwards later in the April/year for the 2025/26 allowance??

InvesterJones

ewicc said:

so in theory if I had an ISA that i opened in 2020 that has £20K in it, I can open a new ISA then transfer that £20K from the old ISA to the new one and then add another £20K from my current account into it before the 5th April deadline and it would all be in the 2024/25 allowance. Then I could add another £20K if I had it afterwards later in the April/year for the 2025/26 allowance??

Yes.. all in same ISA - it wouldn't be all in the 2024/25 allowance - you'd have used 2020 allowance, 2024/25 allowance, and then later, the 2025/26 allowance. Just make sure it's an ISA transfer (but the ISA provider will have a dedicated form/option for this so it'll be obvious).

ewicc

how many deposits of cash can you put into an ISA in one allowance year. is there a limit or is it unlimited deposits up to the max £20K?

MeteredOut

ewicc said:

how many deposits of cash can you put into an ISA in one allowance year. is there a limit or is it unlimited deposits up to the max £20K?

By the regulations, deposits are unlimited in the tax year up to the £20K allowance, but individual ISAs T&Cs may have restrictions, eg, some have a funding window of 2 weeks from opening date, after which no more funds can be added (or transferred). Some ISAs might not even allow transfers in.