Does transferring an ISA count as opening a new one?
If you don't already have another ISA, to transfer you will need to open a new one. But the ISA rules have changed as of 6 April 2024. You can now have - and contribute - to as many ISAs as you want (except for Lifetime ISAs and Junior ISAs). Provided you don't contribute more than your £20,000 ISA allowance across them all.
For example, if you contribute to a Stocks and Shares ISA and transfer to a new provider in, you can now keep your old ISA open and still pay into both.
Do ISA transfers count towards your annual allowance?
ISA transfers do not count towards your annual allowance.Â
For example, you could transfer an ISA worth over £20,000 at the beginning of a tax year. You could then contribute up to £20,000 to your new ISA in that year (unless it is a Lifetime ISA as they have a maximum annual allowance of £4,000).Â
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