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Posted Thu, 25 May 2023 11:20:42 GMT by OakTreeAcorn
Good Afternoon, If I reactivate a prior year ISA and sign a declaration but do not pay any money into this in this tax year 2023/2024. Can I open up a new cash ISA in this tax year and transfer this prior year isa into the new cash ISA and then pay into the new cash ISA in the current tax year using this years allowance. Kind Regards
Posted Fri, 26 May 2023 12:02:59 GMT by HMRC Admin 8
You can only have one cash ISA at any one time.  
Have a look at: Individual Savings Accounts (ISAs)
Thank you
Posted Fri, 26 May 2023 14:46:45 GMT by OakTreeAcorn
Good afternoon, Does this mean I can open up a new cash ISA and transfer the prior year ISA into this as I have not subscribed/paid into the prior year ISA in this tax year. I would only have one cash ISA as the prior year ISA would be transferred in full to the new ISA. I would not be paying into two ISAS only one. As per the declaration " I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA. It would mean I would only have one ISA as the old one would be transferred into the new one. I take subscribe to mean paying new money in. Could you please clarify this for me. Kind Regards
Posted Tue, 30 May 2023 14:58:34 GMT by HMRC Admin 5

Yes you can transfer. You will need to speak to the bank/building society to arrange this for you.

Thank you.

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