Quick ISA Question?

aadd

Hi got a quick ISA question, if I have a Barclays Tax beater ISA with the maximum balance in that has been running a year with the 1 % bonus. Obviously it is going to drop soon. Can I move the “balance” of the Tax Beater to say Icesave to get there 6.1%. But not put any new money in it. And open a Barclays Tax Haven ISA aswell and Max it out on with new money on April 1st thus getting there 6.5 %.

Thus having two ISA’s running the balance of my old Barclays tax beater in icesave getting a better % than if I leave it in the Tax Beater due the % drop. And some new money in the Barclays new Haven ISA getting 6.5 %


Thanks

Baldur

aadd wrote: »

Hi got a quick ISA question, if I have a Barclays Tax beater ISA with the maximum balance in that has been running a year with the 1 % bonus. Obviously it is going to drop soon. Can I move the “balance” of the Tax Beater to say Icesave to get there 6.1%. But not put any new money in it. And open a Barclays Tax Haven ISA aswell and Max it out on with new money on April 1st thus getting there 6.5 %.

Thus having two ISA’s running the balance of my old Barclays tax beater in icesave getting a better % than if I leave it in the Tax Beater due the % drop. And some new money in the Barclays new Haven ISA getting 6.5 %


Thanks

Assuming that your Tax Beater ISA was opened after 6th April 2007, i.e. the current tax year - yes you can transfer the whole of the current year's ISA to another provider and yes, you can open a new 2008/9 Tax Haven ISA of up to £3,600 with Barclays, rather than paying any new money into the transferred ISA - but NOT from April 1st, the new tax year starts on April 6th.

bristolleedsfan

Baldur wrote: »

Assuming that your Tax Beater ISA was opened after 6th April 2007, i.e. the current tax year - yes you can transfer the whole of the current year's ISA to another provider .

Thats irrelevant. :eek:

O/P can transfer his/her Taxbeater ISA out whether its in relation to the current tax year or an earlier tax year.

Only significance of current tax year ISA against earlier tax year ISA is that the whole of a current tax year ISA must be transferred out, whereas previous tax year ISAS can be part transferred out and or transferred out to more than one ISA provider if desired. ( subject to rules of the individual ISA providers)

Baldur

bristolleedsfan wrote: »

Thats irrelevant. :eek:

O/P can transfer his/her Taxbeater ISA out whether its in relation to the current tax year or an earlier tax year.

Only significance of current tax year ISA against earlier tax year ISA is that the whole of a current tax year ISA must be transferred out, whereas previous tax year ISAS can be part transferred out and or transferred out to more than one ISA provider if desired. ( subject to rules of the individual ISA providers)

The relevance is that, if the Tax Beater ISA was opened prior to April 6th 2007, as it was available prior to that date, the OP could still have the £3,000 ISA allowance for the current tax year, which can be placed anywhere, without waiting for April 6th.;)