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ISA interest transfer
I have an ISA which is about to mature and I want to transfer it to a new provider. Instead of it being 20k it is now 20,600 approximately because of added interest.
My question is can I only transfer the original 20 K and have to take the £600 as a withdrawal or can I transfer 20,600 into the new provider as I thought you are only allowed to invest 20 K for each ISA?
Comments
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Transfers of old ISA funds plus interest is unlimited.
You can only subscribe £20,000 of new funds per tax year.
Suggest you do a little more research.1 -
You can transfer the full £20,600.
£20k is just the limit on the amount of new subscriptions ('new money') you can pay into an ISA (or ISAs) in any one tax year. A transfer of ISA funds from a previous tax year doesn't count towards that limit.
3
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