Can I move last years ISA and still use this years allowance?

Twointhebush
Twointhebush Posts: 104 Forumite
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in Pensions, annuities & retirement planning
I had a last minute windfall just before the end of the tax year and put £20k into my Halifax ISA. Now it's there, and it's the new tax year, am I able to move it to a better ISA (for example) and still be able to take advantage of this years allowance?

Thanks,

Comments

  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Yes, you can.
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    You can move an ISA from a previous year to a different ISA without affecting your ability to use your ISA allowance in the new tax year - but check the terms of the ISA you want to move to see what you are permitted to do by the rules of that ISA.
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    Twointhebush wrote: »
    I had a last minute windfall just before the end of the tax year and put £20k into my Halifax ISA. Now it's there, and it's the new tax year, am I able to move it to a better ISA (for example) and still be able to take advantage of this years allowance?

    The regulations allow for this yes.

    What may be barriers are:
    1) Any conditions imposed by Halifax on moving your ISA out
    2) Any conditions imposed by the receiving bank on types of funds that they will accept (some may only accept 'new' money for example.)

    But in general, you are able do what you're after. Just make sure you actually transfer, rather than withdraw and re-deposit.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    Paul_Herring wrote: »
    Just make sure you actually transfer, rather than withdraw and re-deposit.

    Unless it's a flexible ISA, in which case you can withdraw funds and redeposit in the same tax year without loss of ISA tax advantages.
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    Brynsam wrote: »
    Unless it's a flexible ISA, in which case you can withdraw funds and redeposit in the same tax year without loss of ISA tax advantages.

    But only if the redeposit is in the same ISA as the withdrawal. The OP is looking to move it elsewhere so its not relevant here and the OP must ask the new ISA manager to transfer it for them.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    Brynsam wrote: »
    Unless it's a flexible ISA, in which case you can withdraw funds and redeposit in the same tax year without loss of ISA tax advantages.

    Which is relevant to the OP, how?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
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