Isa Flexibility with different providers

masonic

Yes, the order of events does matter, but it would be uncharitable to suspect that the event placed to the left of the "and then" occurred after that placed to the right of it.

FizbanLondon

masonic said:

clairec666 said:

Albermarle said:

You should not add more than 20K of new money to an ISA each tax year.
You have added £20K to the cash ISA and then some more new money to the T212 ISA, so you have gone over the limit. The fact you have withdrawn some from the cash ISA is not relevant.
What you should have done is ask T212 to transfer some of the Cash ISA over from the other provider, as transfers do not count as new money. Although the cash ISA provider may not have allowed part transfers anyway.
I would do nothing. HMRC may or may not contact you. It is not exactly a hanging offence and they are usually lenient with first offenders.

I think the OP meant that they intend to put money into the Trading 212 ISA, but haven't done it yet, so haven't broken the 20K limit yet.

When they wrote "If this is wrong way to do, what shall I do?  Sell everything in my Shares Isa and put back in Chip cash isa." that rather suggests they already have done it. But this has not caused a breach of the £20k limit for the reasons discussed above.

That's right, already done it.

Cash isa was funded with 20k in April current financial year, and then I took 4 small amounts since June to my bank account and then on the same day to Trading212 shares isa.

Albermarle

clairec666 said:

Albermarle said:

You should not add more than 20K of new money to an ISA each tax year.
You have added £20K to the cash ISA and then some more new money to the T212 ISA, so you have gone over the limit. The fact you have withdrawn some from the cash ISA is not relevant.
What you should have done is ask T212 to transfer some of the Cash ISA over from the other provider, as transfers do not count as new money. Although the cash ISA provider may not have allowed part transfers anyway.
I would do nothing. HMRC may or may not contact you. It is not exactly a hanging offence and they are usually lenient with first offenders.

I think the OP meant that they intend to put money into the Trading 212 ISA, but haven't done it yet, so haven't broken the 20K limit yet.

In any case my post was incorrect as I had forgotten about the new rules !