Can I transfer previous years cash isa into new stocks isa

SkyBlueSteve

Hi forum. I have just opened a stocks ISA with a new provider and used the transfer tool to transfer across funds, including previous years, from a cash ISA from a different provider.

My stocks ISA will only allow me to use £20000 max into my new stocks ISA.

Can I not also use previous years cash ISA funds too?

I thought I could use the whole amount into a stocks ISA as it's previous years allowance or are the rules different than those transferring full funds from one cash ISA to another?

Any clarification appreciated

eskbanker

As long as they're initiated via the receiving provider's ISA transfer process, transfers don't count towards the current year contribution allowance, so if you're being told that you're limited to £20K then that's not correct - which providers are involved and exactly how did you initiate the transfer?

SkyBlueSteve

I transferred from a Tembo cash ISA to a Trading 212 stocks ISA. I initiated the transfer via T212 transfer process once stocks ISA account was set up. Full transfer of current and previous years requested and confirmed.

The full transfer went through and it's showing all my funds in my T212 account but indicates I only have £20000 limit to invest this tax year.

Am I just not understanding the platform and how it works?

masonic

The £20000 is new money you can add in addition to the money you are transferring. This total may not have been updated yet to reflect the inward transfer and allowance you used this tax year in your Tembo ISA.

You will be able to invest your full cash balance.