Transfering part of a mini ISA - Is it possible?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 795 views
paulspenceleypaulspenceley Forumite
19 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Does anyone know if it is possible to transfer part of a mini ISA to a new provider?

eg:
- I payed £3000 into Skipton in the 2003/04 tax year
- I payed £3000 into Halifax in the 2004/05 tax year

Could I transfer £1500 from Skipton to Halifax?

(Skipton tell me this can not be done, but other information I have seen tells me it should be possible).

Thanks
Paul.

Replies

  • MJSWMJSW Forumite
    171 Posts
    Yes, partial transfers are permitted by the Inland Revenue rules (although only subcriptions made in previous tax years - current year subscriptions have to be transferred in full). However, some banks and building societies put clauses in their own Terms and Conditions which prevent partial transfers out of their ISAs. So you will find that some ISAs will allow partial transfers and some won't. Do you have a copy of your Skipton Terms and Conditions?
  • I also have an ISA with National Counties from a past year, and their Terms & Conditions are on the web, which make no mention of restricting partial withdrawals.

    I just phoned them up and asked if a partial withdrawal was possible, and they said it wasnt "because goverment restrictions only allow a whole years ISA to be moved".

    I just did a quick search looking for the actual terms and conditions from the Inland Revenue, and found the following info:

    ''''''''''''''''''''''''''''
    Pages 39/40, 41/42 - A manager is not required to allow partial transfer of a PEP or ISA, and if partial transfer is not offered the reference to partial transfers may be omitted from the terms and conditions.
    ''''''''''''''''''''''''''''

    So I think this basically means, that partial transfers are allowed, but only if the provider has put it in their terms & conditions, otherwise it is not allowed.
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