Last YR transfer in MAX?

Sandy_Beech

I bet this has been asked a million times.... SORRY, Just wanted to put my mind a rest.......

I have £3102.01 from last YR 07/08 isa, (ns and i) WHICH i want to transfer to a better interest isa....(mabe a&l)

I am about to put a new amount of £3,600 into barclays isa this yr 08/09....

I Know i can transfer last yrs amount BUT WHAT IS THE MAX amount i can transfer from last yr is it only £3000.00??????? or am i just confusing the whole issue?????

Please help.... All replys will get a thank you!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Baldur

You're confused - you can transfer the whole amount (I've recently transferred in excess of £35k worth of previous tax years' Cash ISA funds, going back to when ISAs started & before, in the case of my erstwhile TESSA ISA).

Sandy_Beech

Baldur wrote: »

You're confused - you can transfer the whole amount (I've recently transferred in excess of £35k worth of previous tax years' Cash ISA funds, going back to when ISAs started & before, in the case of my erstwhile TESSA ISA).

I see, and thank you, if thats the case you can transfer whatever you had in from last years and previous years ago why is the limit £3000,00 max 07/08 an now max £3,600 08/09... I guess the answer is so A person cant come along a put £50,000 in, the could however have saved this up from many many many many many yrs to get to this amount transfer this, FROM previous yrs.... Thus open a new yr with only the max amount £3,600..

Once again many thanks

Baldur

Sandy_Beech wrote: »

I see, and thank you, if thats the case you can transfer whatever you had in from last years and previous years ago why is the limit £3000,00 max 07/08 an now max £3,600 08/09... I guess the answer is so A person cant come along a put £50,000 in, the could however have saved this up from many many many many many yrs to get to this amount transfer this, FROM previous yrs.... Thus open a new yr with only the max amount £3,600..

Once again many thanks

The limit relates to NEW money paid into a Cash ISA per tax year - previous year's/years' funds retain their tax exempt status as long as you TRANSFER them - but withdraw any money or close an account and the tax free status on those withdrawn funds is lost.

Sandy_Beech

Baldur wrote: »

The limit relates to NEW money paid into a Cash ISA per tax year - previous year's/years' funds retain their tax exempt status as long as you TRANSFER them - but withdraw any money or close an account and the tax free status on those withdrawn funds is lost.

Many thanks........