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Arpeggio

Transferring Cash Held In Stocks Isa To Cash Isa?

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If you have some cash held in Stock & Shares ISA from a previous year, and want to transfer this into a new Cash ISA elsewhere, does this count towards your yearly ISA allowance?

I'm a bit ambiguous on the rules for cash held within a Stocks & Shares ISA going into a cash ISA elsewhere, as opposed to sale of the Stocks & Shares within the Stocks & Shares ISA to go directly into a cash ISA elsewhere.

I find nothing specific, such as the following (number 6): http://www.moneysavingexpert.com/savings/stocks-shares-isas

"Never just withdraw the money, you'll lose all the tax-free benefits."

Well, I haven't. I've only sold the shares within the Stock & Shares ISA account. Hopefully I am just missing a small detail for something that is just assumed and it wont affect my ISA allowance for this year?

Any information / links much appreciated.

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Key thing as you have already discovered is not to try and do it yourself as that way the money comes OUT of the ISA and then back IN to an ISA and counts against your annual subscription.

If I were you I'd ask the bank/building society where you want to open the new cash ISA about how you do an ISA TRANSFER. Also you could ask your current stock+share ISA if they allow TRANSFERS OUT.

I think the normal procedure is that you tell the NEW account to do the transfer on your behalf.

Oh look I just found this:

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Good luck... I dare say a couple of phone calls will sort it!

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Key thing as you have already discovered is not to try and do it yourself as that way the money comes OUT of the ISA and then back IN to an ISA and counts against your annual subscription.

If I were you I'd ask the bank/building society where you want to open the new cash ISA about how you do an ISA TRANSFER. Also you could ask your current stock+share ISA if they allow TRANSFERS OUT.

I think the normal procedure is that you tell the NEW account to do the transfer on your behalf.

Oh look I just found this:

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Good luck... I dare say a couple of phone calls will sort it!

Thanks xela57. I have the form from the bank, will ask them a few questions in person when I bring it in. I haven't taken the cash out of the Stocks & Shares ISA, just from some of the Shares into cash held so hopefully it should be OK.

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