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Posted Sat, 08 Jun 2024 17:44:33 GMT by Oscar Cheng
Hi team, I have a Cash ISA account which was opened and funded in tax year 23/24. I also made new contribution to this existing Cash ISA account is tax year 24/25. My question is am I allowed to open another Cash ISA account in another bank and transfer all (or just partial fund which was funded in the tax year 23/24) the funds from the existing Cash ISA account to the new Cash ISA account? I have read the guidance on HMRC website. Unfortunately, it does not quite answer the question so appreciate if you could advise me further apart from what is stated on HMRC website. Thanks. Oscar
Posted Wed, 12 Jun 2024 13:37:16 GMT by HMRC Admin 10
Hi
You can open another cash ISA for 24/25. The transfer depends on the provider and the amount will depend on whether it is a flexible ISA or not. You should contact your providers for further information.
Posted Thu, 13 Jun 2024 16:07:37 GMT by Oscar Cheng
Hi, Thanks for the response. The ISA is flexible so the bank would allow me to transfer the funds out of it. My concern is if I am allowed to do it under ISA rules (or from HMRC perspective, not the Bank perspective). Any limit on the transfer amount? Also, is the transfer considered as "contribution"? Thanks. Oscar
Posted Fri, 14 Jun 2024 15:36:28 GMT by HMRC Admin 5
Hi Oscar

Please refer to guidance at Individual Savings Accounts (ISAs)

Thanks
Posted Fri, 14 Jun 2024 16:27:56 GMT by Oscar Cheng
Hi team, I have read the guidance on HMRC website. Unfortunately, it does not quite answer the question so appreciate if you could advise me further apart from what is stated on HMRC website. Thanks. Oscar
Posted Wed, 19 Jun 2024 09:43:52 GMT by HMRC Admin 19
Hi,

We can only provide general advice in this forum and provide guidance to help you make an informed decision. If the guidance does not answer your query, you will need to discuss it with your ISA provider or consider seeking professional advice.

Thank you.

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