‘Can I transfer old cash Isa into shares and deposit £15,000?’

Inquire an specialist: A reader needs to use the complete Isa allowance for one of his stocks and shares Isa accounts and transfer an ‘old’ funds Isa into one more

  Photograph: Alamy

I have three stocks and shares Isas, all paid into in diverse years.

I also have 1 income Isa which I did not pay out into final tax year – I utilized all the funds for stocks and shares as an alternative – and I do not intend to pay into it this tax 12 months both.

Could I use the total £15,000 of this year’s Isa allowance for 1 of my stocks and shares Isas and transfer some of my “old” funds Isa into 1 of my other two existing stocks and shares Isas?

AW, by e-mail

Yes. The £15,000 allowance applies only to new deposits manufactured in the 2014-15 tax 12 months. Place an additional way, you can transfer as much money as usually as you like from previous Isas (as extended as the provider accepts transfers in), without utilizing up the Isa allowance.

While transfers of past year’s cost savings can be created at any time to any account, new or old, you can only pay new funds into one stocks and shares Isa and one particular funds account every single yr. So long as you split the £15,000 across no much more than a single account of each type, you may be free of charge to do as you please with old Isa funds.

Claire Walsh, an independent monetary planner, mentioned: “Supplied AW’s stocks and shares Isa supplier accepts transfers in, he should be ready to transfer in his present money Isa, but it is likely he will have to transfer the complete account – number of Isa providers allow you do a partial transfer.”

AW’s query is not unusual – considerably confusion even now surrounds the new Isa guidelines right after changes to the program have been announced in the Spending budget in March. Despite the obvious simplification of the principles, a Agenciespoll of more than 1,300 readers showed 27pc located the new Isa rules “utterly bewildering”.

The Isa allowance for the 2014-15 tax 12 months is at present £11,880. This will improve to £15,000 from July one. The primary reform is that savers will be in a position to put the whole allowance into either a stocks and shares Isa or a income Isa, removing the decrease restrict at present imposed on money.

If you can, try out to use your total Isa allowance prior to the end of the tax 12 months you can not carry forward something unused.

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