Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Twointhebush
    • By Twointhebush 8th Apr 18, 8:18 PM
    • 43Posts
    • 2Thanks
    Twointhebush
    Can I move last years ISA and still use this years allowance?
    • #1
    • 8th Apr 18, 8:18 PM
    Can I move last years ISA and still use this years allowance? 8th Apr 18 at 8:18 PM
    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,
Page 1
    • PeacefulWaters
    • By PeacefulWaters 8th Apr 18, 8:25 PM
    • 8,318 Posts
    • 10,670 Thanks
    PeacefulWaters
    • #2
    • 8th Apr 18, 8:25 PM
    • #2
    • 8th Apr 18, 8:25 PM
    Yes, you can.
    • Brynsam
    • By Brynsam 8th Apr 18, 8:48 PM
    • 1,588 Posts
    • 1,148 Thanks
    Brynsam
    • #3
    • 8th Apr 18, 8:48 PM
    • #3
    • 8th Apr 18, 8:48 PM
    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
    • By Paul_Herring 8th Apr 18, 9:15 PM
    • 6,367 Posts
    • 3,064 Thanks
    Paul_Herring
    • #4
    • 8th Apr 18, 9:15 PM
    • #4
    • 8th Apr 18, 9:15 PM
    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?
    Originally posted by Twointhebush
    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
    • By Brynsam 9th Apr 18, 1:05 AM
    • 1,588 Posts
    • 1,148 Thanks
    Brynsam
    • #5
    • 9th Apr 18, 1:05 AM
    • #5
    • 9th Apr 18, 1:05 AM
    Just make sure you actually transfer, rather than withdraw and re-deposit.
    Originally posted by Paul_Herring
    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
    • By AirlieBird 9th Apr 18, 6:51 AM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    • #6
    • 9th Apr 18, 6:51 AM
    • #6
    • 9th Apr 18, 6:51 AM
    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.
    Originally posted by Brynsam
    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.
    • Paul_Herring
    • By Paul_Herring 9th Apr 18, 9:17 AM
    • 6,367 Posts
    • 3,064 Thanks
    Paul_Herring
    • #7
    • 9th Apr 18, 9:17 AM
    • #7
    • 9th Apr 18, 9:17 AM
    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.
    Originally posted by Brynsam
    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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,396Posts Today

5,063Users online

Martin's Twitter