An Individual Savings Account (ISA) allows anyone aged 18 or over to save up to a certain limit (£20,000 in 2021/22) each year and not pay tax on the income you receive from the investment. Junior ISA’s are available for those under 18 to invest up to a lower limit (£9,000 in 2021/22).
You can transfer your ISA to another ISA manager if it is the same type of ISA. For example, you can’t move funds from a cash ISA with one manager to a stocks and shares ISA with another.
You cannot do this yourself by closing one and paying the money to another ISA manager. The transfer must be directly between the existing ISA manager and the new one and in some cases there may be a charge for transferring.
Please contact us if you would like further information on ISA’s.
We are members of the ICAEW (The Institute of Chartered Accountants in England & Wales). Our team are also trained and qualified on the most popular accounting systems. Palmer, Riley & Co is a Silver Partner of Xero and are Certified ProAdvisors for Quickbooks.