12th January 2023
Your ISAQuestions Answered 9-11
Q: I ALREADY HAVE ISAs WITH MANY DIFFERENT PROVIDERS. CAN I COMBINE THEM?
A: Yes, and you will not lose your tax-efficient ‘wrapper’ status. Many previously attractive savings accounts may cease to offer a good rate of interest, and some Stocks & Shares ISAs may not perform as well as investors had hoped. Consolidating your ISAs may also result in significant reductions in paperwork. We’ll gladly walk you through your options.
Q: CAN I TRANSFER MY PREVIOUS ISA?
A: Yes, you can transfer an existing ISA from one provider to another at any time if the product terms and conditions permit it. You must transfer all money invested in an ISA during the current tax year if you want to transfer it. You can transfer all or part of your savings for money invested in previous years.
Q: WHAT HAPPENS TO MY ISA IF I DIE TOO YOUNG?
A: The rules governing ISA death benefits allow the deceased’s spouse or registered civil partner to receive an additional ISA allowance.
Visit us again tomorrow as we conclude our look at ISAs. Contact Woodward Markwell for further information.