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Posted Fri, 03 Nov 2023 19:39:58 GMT by
Hello, Please can the following be clarified... If I have an existing Cash ISA which was opened in a previous tax year, and I have continued paying into in the current tax year (it is my 'active' Cash ISA) Can I TRANSFER a PORTION of the total amount to a new provider (into a Fixed Rate ISA) and still keep open, and continue to pay money into the existing Cash ISA that I have transferred from? My understanding is this is fine and does not break any ISA rules: - As long as the transfer amount includes all money paid into the Cash ISA within the current tax year (or more) but does not need to include money paid into the existing Cash ISA in previous tax years. - As long as I don't pay money into the new Fixed Rate ISA (outside of the transfer process) Example: 2021 - Open Cash ISA and pay in £100 2022 - Pay in £100 to the Cash ISA 2023 - Pay in £100 to the Cash ISA 2023 - Transfer £100 from Cash ISA into a Fixed Rate ISA with a new provider 2023 - Pay in £100 to the original Cash ISA Many thanks
Posted Wed, 08 Nov 2023 16:00:02 GMT by HMRC Admin 25 Response
Hi User 907,
Yes, you can create a new cash ISA and transfer funds from one to another, up to the maximum £20000, minus what you have already paid into the first ISA in the tax year.
Thank you. 

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