Trapped in Virgin non-flex Isa

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82153719#Comment_82153719

That sounds fine. You haven't broken any rules. I am presuming the Virgin ISA funds transferred are from a previous year's subscription, because you mention you have already paid this year's allowance to another provider.

The_stingemeister

https://forums.moneysavingexpert.com/discussion/comment/82153721#Comment_82153721

Well, it's an E- ISA, so you operate it yourself online. I went to their (the receivers) app and navigated to my existing ISA and did it from there.

The_stingemeister

Thanks. I was thinking I'd lost part of my accumulated over the years ISA allowance. For example, if I had say £70k in ISA's and did what I did (£10k transferred) I'd lose the tax free wrapper on the £10k.

Sherlock33

Say your money is currently in ISA 1 and you want it in ISA 2.

To transfer it in a way that keeps the tax free wrapper you tell ISA 2 that you want to move £x amount of money into ISA 2 from ISA 1. You give ISA 2 the account details of ISA 1, account number etc either by filling in a paper form and posting it to them or filling in an online form. ISA 2 contacts ISA 1 and tells them. ISA 1 asks you if this was you that requested the funds to move. You tell ISA 1 that yes, you want to move the money. ISA 1 sends your money to ISA 2. The money appears in ISA 2. This whole process can take up to 15 days.

Is this what happened?

The_stingemeister

https://forums.moneysavingexpert.com/discussion/comment/82153755#Comment_82153755

Not really. It's just a form with the details you'd expect: details of where the money is from, the amount involved, have you paid into an ISA this tax year etc. Did say it would take up to 15 days.

Sherlock33

That sounds correct, you filled in a form with the details of ISA 1 and it said it could take up to 15 days. I would interpret that as you have correctly transferred it and the ISA wrapper is fine.

The_stingemeister

https://forums.moneysavingexpert.com/discussion/comment/82153716#Comment_82153716

Think this post should be pinned on the website. Also adding...it includes non-flexible too, not just flexible.