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Transfer Cash ISAs Discussion Area
Comments
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Thank you Baldur0
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I'm a bit confused and wondered if somebody might possibly be able to help me out. I understand that you can transfer previous tax years ISAs to a new account and also any current tax years balance.
I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?
Many thanks for any advice offered.
James0 -
Yes, you can pay up to 3600 into ISA(s) each tax year so if you move it you still have an allowance of 3400 that you can use.0
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Hi
I have already paid the full 3600 for this year into an existing ISA account. However, I realise that as an existing NatWest customer I can get a better rate with the e-ISA product. However, at the start of the application there is an ISA declaration, part of which is "Do you declare that you have not subscribed, and will not subscribe, to another cash ISA in the same tax year that you subscribe to this cash ISA?"
By paying into my existing ISA already, does that count as "subscribing"? Is this a standard thing or just Natwest? Sorry if these are daft questions but I'm confused0 -
I'm a bit confused and wondered if somebody might possibly be able to help me out. I understand that you can transfer previous tax years ISAs to a new account and also any current tax years balance.
I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?
Many thanks for any advice offered.
James
When you pay new money into an ISA, this is called 'subscribing' to it. So you have subscribed to your existing ISA, by paying in £200. You can only subscribe to one ISA per tax year, so you are only allowed to pay further funds into your existing ISA, until the 2010/11 tax year.
You can transfer part of an ISA at a time though, so if you transferred all except the minimum balance to a new ISA, you could then continue paying in to the existing one during this tax year. After you've filled this ISA, you can then merge them together.0 -
Hi
I have already paid the full 3600 for this year into an existing ISA account. However, I realise that as an existing NatWest customer I can get a better rate with the e-ISA product. However, at the start of the application there is an ISA declaration, part of which is "Do you declare that you have not subscribed, and will not subscribe, to another cash ISA in the same tax year that you subscribe to this cash ISA?"
By paying into my existing ISA already, does that count as "subscribing"? Is this a standard thing or just Natwest? Sorry if these are daft questions but I'm confused
That's a standard phrase that you can ignore in this case.
Your transfer won't count as a 'subscription'; only paying new money into an ISA is called subscribing.
So the key part of the sentence is 'in the same tax year that you subscribe to this cash ISA' ... you won't be subscribing (i.e. paying new money into) this cash ISA in the current tax year, so the sentence does not apply.0 -
When you pay new money into an ISA, this is called 'subscribing' to it. So you have subscribed to your existing ISA, by paying in £200. You can only subscribe to one ISA per tax year, so you are only allowed to pay further funds into your existing ISA, until the 2010/11 tax year.
You can transfer part of an ISA at a time though, so if you transferred all except the minimum balance to a new ISA, you could then continue paying in to the existing one during this tax year. After you've filled this ISA, you can then merge them together.
Thanks, that clears things up somewhat. I just have one further question, will I need to wait until the next tax year to merge them together? ie. If I transfer my current balance to a new ISA product and manage to top up my existing ISA within a few months time, can I then transfer the further £3600 over or must this wait until next year.0 -
I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?0
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It's not a case of 'old' or 'new' ISAs - you would merely be transferring the same ISA to a different provider and could continue to subscribe up to the balance of your 2009/10 Cash ISA allowance after the transfer.
This is where I'm finding it confusing. I'm not sure where you are telling me I can subscribe the rest of this years allowance to.
I understand that I can transfer the balance to a different "new" provider with a higher interest rate, but because I've already inadvertently paid £200 into my current "old" provider in this tax year do I have to subscibe the rest of my allowance with the "old" provider? Or can I pay it into the "new" ISA after the transfer? If you're suggesting I can, it's different advice to that which rb10 offered a few posts above.0
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