Transfer Cash ISAs Discussion Area

KTF

djlester wrote: »

Is this permissable to open a new ISA and transfer in? I know I cannot save any additional funds in this tax year.

Thanks,
David.

Yes you can.

Baldur

djlester wrote: »

Bit confused on this one ISA a year thing. Sort of.
I have an ISA from previous years. I have also put in some cash for this current tax year (Ie. since 6th April 2009) but now find I could get a better deal - I was going to go with First Direct.

Is this permissable to open a new ISA and transfer in? I know I cannot save any additional funds in this tax year.

You can transfer your previous tax years' ISA by completing the new provider's transfer form and letting them arrange the transfer.

After the transfer, can continue to pay in up to your £3,600 allowance for the current tax year. The transfer process means that you are simply moving the same ISA from one provider to another, not opening a new ISA account.

MarkyMarkD

ashbourne wrote: »

Hi,

I am confused.

Recently i applied to transfer my Icesave ISA to a Natwest ISA which was a week or two before the deadline and now have received a letter back stating that i have now missed the 2008/09 deadline.

Although i sent it in good time i thought the deadline for Icesave transfers had been extended??

The deadline has been extended to 6 October 2009. I don't understand why NatWest have rejected it.

mapal

Hi everyone,
I am also very confused & new to discussion forums too so apologies if I get this wrong!
I have 2 Cash ISAs from previous years and both with different providers. Is it permissable to transfer both these to a different provider e.g. NatWest and then open up a new cash ISA for 2009/10 with Barclays?
Thanks.

KTF

Yes you can.

murphydavid

MarkyMarkD wrote: »

The deadline has been extended to 6 October 2009. I don't understand why NatWest have rejected it.

That's correct
I suggest you (ashbourne that is) take a copy of the following to Nat West and ask them to re-asses your application

http://www.fscs.org.uk/consumer/latest_news/2009/apr/Icesave_ISA_Reinstatement_Certificates/

Baldur

murphydavid wrote: »

That's correct
I suggest you (ashbourne that is) take a copy of the following to Nat West and ask them to re-asses your application

http://www.fscs.org.uk/consumer/latest_news/2009/apr/Icesave_ISA_Reinstatement_Certificates/

That's the problem with multiple posts of the same question.

MarkyMarkD

I guess that the problem might be as simple as the fact that you have used a 2008/09 ISA application form and it should be a 2009/10 one? ISA apps say on them "I apply to open an ISA for the tax year 20xx/xx ..." and if that is wrong, the application form is invalid.

None of this explains why they didn't process it before 5 April 2009 - but maybe you didn't really meet the deadline as you thought.

maujohwai

BlackBladder wrote: »

...I am asked to agree to this:

I declare that

• I have not subscribed, and will not subscribe, to a maxi ISA or to another cash mini ISA in the same year that I subscribe to this mini ISA

I cannot declare that, as I have already opened another ISA this year. I thought you could open another ISA in the same year if it is funded not through new cash, but through previous years contributions. However they are asking me to make this declaration on a transfer-in ISA too. Has anyone else been getting this?

I have just filled in an Abbey form that is only for internal ISA transfers, and that says the same. I think it's an HMRC stipulation, but if anyone should know the difference between new money and a transfer, they should.

dzug1

BlackBladder wrote: »

At the end of the registration before it is complete I am asked to agree to this:

I declare that

• I have not subscribed, and will not subscribe, to a maxi ISA or to another cash mini ISA in the same year that I subscribe to this mini ISA

I cannot declare that, as I have already opened another ISA this year. I thought you could open another ISA in the same year if it is funded not through new cash, but through previous years contributions. However they are asking me to make this declaration on a transfer-in ISA too. Has anyone else been getting this?

Yes you can. You are not subscribing to 'this mini ISA'. You are transferring previous years money into it.

They ask you to declare that in case you wish to add new funds - saves another form