Mid-year ISA transfer to another of the same type
Hi all, would appreciate your help with this.
I understand you can pay into only one of a particular kind of ISA per year (i.e. one stocks and shares ISA), and if you decide to transfer into another of the same kind, you’re meant to move the full value. I’m referring to this guidance on gov.uk: “If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it."
I’m a bit unclear if that means you must transfer the full value of the ISA if you’ve been investing in it for years, or that you just need to ensure you’re transferring everything that was invested during the current tax year? For example, if I was paying in £500 per month on the 10th of each mon, and I wanted to transfer to a different stocks and shares ISA part way through the year, I would need to move £500 x 9 months (9 monthly contributions from April through December) = £4500?
If it’s the latter, and I transfer out the amount that was invested during the current tax year and stop any further payments in, is there any other technicalities to be aware of to avoid breaking any rules?
Appreciate your help clarifying this point.