Transfer Cash ISAs Discussion Area

Dagobert

I had to tick this:

I apply to subscribe to a cash e-ISA for the tax year commencing 6 April 2008 and each subsequent tax year until further notice.

I have no intention of paying next year's allowance into this account. I am just transferring in. Do I need to notify FirstDirect of this next year?

Baldur

No, it's a standard HMRC 'pro forma' statement - if you make no subscription to the ISA in the next tax year, it lapses.

Father_Christmas

Cannons wrote: »

Please Help...i have just tranferred my ISA into a higher rate payer which was completed in early March 2009. I have only put in £2930.00 of this years allowance, so have a further £670.00 remaining. My question is this..Can i deposit the remainder of this years allowance into the new ISA (before the April deadline), then open another ISA in April for the 09/10 tax year and pay all 09/10 allownce into that account and leave the transferred one alone??

ta

Not sure you can. surely you have then "subscribed" i.e paid money in, to two different isa's in one tax year? (if you had paid in 2930 when with previous provider)

littlemrtinkle

father christmas no you can't you must put all the money in your current isa before april 5th


after april 5th you may only put 3600 in your new isa.

Baldur

Father_Christmas wrote: »

Not sure you can. surely you have then "subscribed" i.e paid money in, to two different isa's in one tax year? (if you had paid in 2930 when with previous provider)

Transfers do not count as 'opening' a new ISA, you are merely transferring the same ISA from one provider to a different one, so yes it is permitted by HMRC guidelines.

littlemrtinkle

Dagobert takes a maximum of 60 days to transfer your isa.
& you just fill out the form at your intended recipient of the isa and they do the rest.

Just did this when switching from ybs to halifax very painless :-)

Baldur

littlemrtinkle wrote: »

......takes a maximum of 60 days to transfer your isa

....If you are lucky, there are many posts on these boards where transfers have taken significantly longer, especially at the start of a new tax year.

electrolux3

I opened my first £3600 cash isa with egg back in october 2008, subsequently the rate has dropped and i'd like to transfer it to nat west or similar - when is the best time to do this? it currently hasn't had any interest paid onto it so the balance is still 3600 after 6 months and so i presume the interest will be added on the 5th april 09? will it accrue 6 months worth of interest or nothing as it was opened after the 6th april 08 - i read somehwere on this site that if opened after the 5th april then it won't start earning interest until the next tax year??? should i transfer it now or wait until april 6th? please help - I just want it in the best place, can't believe how confusing this is, maybe i should just stick it in a savings account, at least it would be earning some interest??

Baldur

You need to read the terms & Conditions of the Egg ISA, normally providers pay any interest earned up to the date of transfer (whenever the transfer takes place), if it's an easy access account. This is then transferred to the new provider along with the original sum deposited.

s100_2

Dagobert wrote: »

Yes and No.
I was told they send out documents first.

Thanks. Got my documents today so will post them off tomorrow.