ISA Transfers and new ISAs

Hi carolhlt.uk,
Interest earned in ISA accounts is tax free.
Thank you.

Hi HMRC team, I had put in £20,000 into an ISA account and the fixed term had ended, the interests earned is £900 so there is total of £20,900 in the account now, I intend to transfer to a new ISA account, am I only allowed to transfer £20,000 or I can transfer all £20,900? Grateful for your reply and TIA for your assistance.

Hi,

You can see guidance here:

Individual Savings Accounts (ISAs)

Thank you.

Hi I have read through the link provided but it does not answer my question. I had put in £20,000 into an ISA account and the fixed term had ended, the interests earned is £900 so there is total of £20,900 in the account now, I intend to transfer to a new ISA account, can I transfer £20,000 only or can I transfer all £20,900? Grateful for your reply and TIA for your assistance.

Hi HMRC Admin, The 24/25 FY ISA ‘splitting’ rules are still causing confusion. My wife and I put 25% of our ISA allowance into accounts held for many years. Due to FSCS concerns, 25% was also put into new cash ISAs (fixed term) with another supplier. We intended to put the remaining 50% into these new accounts when the funds became available. However, when these funds became available, we were told we could not add them to the second ISAs. We now have 50% of our annual ISA allowance sitting in taxable limbo. Pursuing opening another cash ISA (fixed term) with the remaining allowance we were told we could not as current HMRC rules prohibited this. We were also told to contact HMRC to find out if we had broken their ISA rules by opening the second cash ISA accounts. HMRC appears to have answered the ‘splitting’ question months ago, however, this continuing problem seems to be due to suppliers not understanding it and/or their IT systems being incapable of handling it. However, not wishing to break current HMRC ISA rules, should we have opened the second cash ISA account, and are we entitled to put our remaining 50% allowance into a cash ISA (fixed term) with a third supplier? Thank you

Hi snapplepeach,
You can transfer all of it but in order to do so, the transfer will need to be arranged through your provider.
Thank you. 

Hi ,
 

Please refer to guidance at : Individual Savings Accounts (ISAs)    . HMRC cannot offer any sort of financial advise and you therefore may wish to seek the services of a financial adviser  .

Thank you .

Hi HMRC admin I have opened a new ISA for the 2024/25 tax year with £20,000. I have an ISA from 2023/24 which has just matured and has nearly £21,000 in it. Can i transfer that to my newly opened ISA this year? Thank you.

Hi
The maximum you can currently invest each year in ISAs is £20,000.  
You can have £20,000 in one account or split the allowance across multiple accounts.   
As you have already invested £20,000 in the current tax year you will need to wait until the next tax year to invest a further £20,000 in any ISA account.  
Individual Savings Accounts (ISAs) 

I have a problem. I opened a fixed rate cash Isa in April 2024 and paid £20000. into it. I had hoped to transfer another maturing ISA into it, but didn’t realise there was a 30day window in which I needed to do this, which was then closed. I was able to transfer the matured ISA into a new account with the same provider. I now have another ISA maturing with this latter provider, who may offer a transfer to a new account with them. However this will push me over the guaranteed £85000. Mean while I have a stocks and share ISA with HL and quite a large isa cash hub. I wanted to transfer that stocks & shares cash hub into an easy access cash ISA, but needed at least £1. to open a new account which of course I don’t have because my allowance has already been spent. So HL say I will have to leave the cash hub earning nothing until next April? I have become so confused about all of this and would hope some one can properly explain all the rule? So can I open a new cash ISA that just accepts the transfers without having to open with an initial cash deposit that I am no longer allowed to do? Please help me sort this.

Hello, I have a few questions I just wanted to know if you could hypothetically place £20,000 into a cash Isa this tax year and then next year if you wanted to transfer it into a stocks and shares isa (a stocks and shares isa that you already have but with a different provider), could you do that without impacting your allowance, therefore if you transferred that £20,000 and wanted to add another £20,000 would that be fine and untaxable? Also, if you were to put in the £20,000 into the cash isa, can you remove the interest that is accrued without impacting your yearly allowance?

Hi,
You can see the guidance on ISAs here: 
Individual Savings Accounts (ISAs)
Thank you. 

Hi, HMRC What should I do if I’ve paid into two ISAs of the same type in one bank? Thank you.

Hi Ben k,
Please refer to the following Guidance - Individual Savings Accounts (ISAs)
Thank you.

Hi Wendy,
If after 06/04/24 its ok - Individual Savings Accounts (ISAs)
Thank you.

Hi HMRC admin, for clarity could you advise on the following please, I opened a cash ISA account in August 2024. I deposited £20,000. When the new tax year starts in April 2025, can I transfer the £20,000 from this ISA account along with any interest made into a new cash ISA account and also add an additional £20,000 without any tax issues?

Hi,
Yes but only if the transfer is done via the ISA provider - Individual Savings Accounts (ISAs)
Thank you.