Isa transfers and top ups

ian59r

Hi newbie on here and to isas, so first question..
Can I open a new cash isa (full allowance) and also transfer in from an old flexible isa at the same time.
And then top up the old flexible isa again this tax year 
Thanks in advance  

sammy_zammy

If you’re transferring the whole balance, the old ISA will close. You can set up a partial transfer if your providers allow it though.

Mark_d

The £20k limit is the total you're allowed to pay in per year.  This excludes ISA transfers.  So if you pay in £20k into a new account this year, you can't pay any more money into ISAs this year.  But you can transfer last year's ISA into the new ISA account.

ian59r

Will have to check the details but if allowed it would be a partial transfer as will need the flexi later.
Can I still put money back into the flexi to repay the withdrawal without affecting this years allowance?.

slinger2

A "transfer" is NOT the same as a "withdrawal". A flexible ISA let's you replace money you WITHDREW (back into the same account, in the same tax year).

So no, you can't transfer money out of a flexible ISA and then later top that flexible ISA up with non-ISA money. Well you can, but it'd count as part of your £20k allowance.

Middle_of_the_Road

ian59r said:

Hi newbie on here and to isas, so first question..
Can I open a new cash isa (full allowance) and also transfer in from an old flexible isa at the same time.
And then top up the old flexible isa again this tax year 
Thanks in advance  

You can't top up an old ISA this tax year, or ever.

slinger2

Middle_of_the_Road said:

ian59r said:

Hi newbie on here and to isas, so first question..
Can I open a new cash isa (full allowance) and also transfer in from an old flexible isa at the same time.
And then top up the old flexible isa again this tax year 
Thanks in advance  

You can't top up an old ISA this tax year, or ever.

Not sure what we mean here by "top up". However with a flexible ISA you can REPLACE cash that you WITHDREW from the ISA (without it affecting your allowance), provided that you replace it to the same account and that you replace it in the same tax year that you WITHDREW it. You can do that even if the flexible ISA only contains "old" money.

Middle_of_the_Road

slinger2 said:

Middle_of_the_Road said:

ian59r said:

Hi newbie on here and to isas, so first question..
Can I open a new cash isa (full allowance) and also transfer in from an old flexible isa at the same time.
And then top up the old flexible isa again this tax year 
Thanks in advance  

You can't top up an old ISA this tax year, or ever.

Not sure what we mean here by "top up". However with a flexible ISA you can REPLACE cash that you WITHDREW from the ISA (without it affecting your allowance), provided that you replace it to the same account and that you replace it in the same tax year that you WITHDREW it. You can do that even if the flexible ISA only contains "old" money.

When the OP referred  to 'topping up' I took it to mean, fill or add to any unused allowance from a previous tax year.

ian59r

slinger2 said:

A "transfer" is NOT the same as a "withdrawal". A flexible ISA let's you replace money you WITHDREW (back into the same account, in the same tax year).

So no, you can't transfer money out of a flexible ISA and then later top that flexible ISA up with non-ISA money. Well you can, but it'd count as part of your £20k allowance.

Think this is where I'm not up to speed as was unsure if replacement of the transferred money was part of this years allowance or not .