Working
with ISAs
Selling
While you can’t actually sell
your ISA to someone else, you may sell any of the components
within the ISA in order
to convert it to cash. You may also withdraw your funds from
a Cash ISA, effectively closing it.
Transferring
You may opt to transfer control
of your ISA to a different ISA Manager whenever you wish.
Generally, the process is
straightforward; you only need to arrange the transfer
with your new ISA Manager.
 While your current ISA
Manager will let you transfer at any given notice, you
may be charged a fee for
the transfer.
In some cases, you may be required to sell any existing
investments
in order to transfer the cash value of your ISA.
Any
policies or charges regarding ISA transfers are
covered under the
terms
and conditions of the ISA you originally purchased. Both
your current and your new ISA Manager must be involved
in the transfer of your account. It is not
possible to
transfer your ISA by simply closing it and then re-opening
it with
a new manager.
Managing Multiple ISAs
While there is currently
no restriction as to how many ISAs you may have open at
the same time, there
is a
limit to how
many of your ISAs you are allowed to make a deposit
into in a single tax year.
You may deposit into
one Maxi ISA, or any three Mini ISAs in a single tax year,
provided that
the Mini
ISAs are not
of the
same type.
For instance, you may choose to make
a deposit into one Life Insurance ISA, one Cash ISA,
and one Stocks & Shares ISA
in a single tax year, but restrictions prevent
you from depositing into any two Stocks & Shares
ISAs within the same tax year.
You are allowed
to deposit money into a single Maxi ISA
as an alternative, but you cannot
make a deposit
into
one Maxi
ISA and one Mini ISA in the same tax year.
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