Isa help

Discussion in 'Off Topic' started by Mayor West, 6 Apr 2019.

  1. Mayor West

    Mayor West

    Joined:
    16 Dec 2008
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    7,369
    Seeing as it's the new tax year, if I open a new isa with a lump sum of 20k, does that effectively wipe out my allowance for the year? Or can I still add up to 20k after that?

    This is assuming I close other isa's and put it all in one.
     
  2. BlueMoonie

    BlueMoonie

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    5 Jan 2008
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    Ok when you say close i hope you mean transfer. If you close your isa and dont do an isa transfer this money If you then move it to a new isa will use your current years allowance so just to be clear any invested funds from previous tax years if you want to move them to a new isa when you open it you need to do an isa transfer to move the money without it using this years allowance. As for moving money into the isa for this year once it has been opened if you move 20k that's you at your limit until the next tax year
     
  3. DenisLawBackHeel74

    DenisLawBackHeel74

    Joined:
    20 Feb 2010
    Messages:
    5,407
    Yes it does.

    But you could have your partner also open one up and lump another 20k in that.

    The second question about closing the isa would actually mean transferring that isa either into the new isa wrapper (and adding you new allowance of 20k) or leaving where it is.
     

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