New ISA and ISA Transfer in same tax year?

_viator

Is it possible to open a brand new ISA with £20k and also transfer an existing ISA to a new provider (paying no new money in) in the same tax year?

I'm assuming that transferring an ISA doesn't count towards the 20k limit per tax year as its money that's already been paid in a previously?

Many thanks!

mebu60

Yes. Be quick if you are opening the brand new ISA this tax year. 

Ensure the new provider accepts transfers-in and use their process to effect the transfer, relevant questions will be asked during the application process. I am assuming the existing ISA is not currently locked-in in any way which would incur a penalty for early withdrawal. 

_viator

mebu60 said:

Yes. Be quick if you are opening the brand new ISA this tax year. 

Ensure the new provider accepts transfers-in and use their process to effect the transfer, relevant questions will be asked during the application process. I am assuming the existing ISA is not currently locked-in in any way which would incur a penalty for early withdrawal. 

Thanks for the reply! I'll be opening the new ISA next tax year as i already did one with 20k this year. I have a 1 year ISA that is maturing soon so that's the one i want to transfer into a longer term. 

Is it the new provider who sorts out the transfer or the provider you're transferring from? Assume the new one?

Thanks again!

slinger2

_viator said:

mebu60 said:

Yes. Be quick if you are opening the brand new ISA this tax year. 

Ensure the new provider accepts transfers-in and use their process to effect the transfer, relevant questions will be asked during the application process. I am assuming the existing ISA is not currently locked-in in any way which would incur a penalty for early withdrawal. 

Thanks for the reply! I'll be opening the new ISA next tax year as i already did one with 20k this year. I have a 1 year ISA that is maturing soon so that's the one i want to transfer into a longer term. 

Is it the new provider who sorts out the transfer or the provider you're transferring from? Assume the new one?

Thanks again!

It needs to be initiated by the new provider.