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03 Apr 2010, 05:06
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Can someone please provide me the answer with an explanation to the following question:
You can transfer your ISA to another manager but please note that you can only transfer the whole of an ISA for a current tax year to the same component of the same type of ISA. However, you can transfer some or all of the investments you hold in ISAs for previous tax years, from one component of an ISA to the same component of any mini or maxi ISA. Although we do not currently intend to make a transfer-out charge, we have the right to make a charge of £50 for each transfer.
Which of the following operations are specifically forbidden by this regulation?
a) Transferring an entire maxi ISA to the maxi ISA of another ISA manager.
b) Transferring a mini ISA from last year to a mini ISA for this year.
c) Transferring a maxi ISA from two years ago to a maxi ISA for this year.
d) Transferring a maxi ISA to a mini ISA for another ISA manager.
e) Putting extra money into either a mini or maxi ISA.
I don't know what exactly is being asked
You can transfer your ISA to another manager but please note that you can only transfer the whole of an ISA for a current tax year to the same component of the same type of ISA. However, you can transfer some or all of the investments you hold in ISAs for previous tax years, from one component of an ISA to the same component of any mini or maxi ISA. Although we do not currently intend to make a transfer-out charge, we have the right to make a charge of £50 for each transfer.
Which of the following operations are specifically forbidden by this regulation?
a) Transferring an entire maxi ISA to the maxi ISA of another ISA manager.
b) Transferring a mini ISA from last year to a mini ISA for this year.
c) Transferring a maxi ISA from two years ago to a maxi ISA for this year.
d) Transferring a maxi ISA to a mini ISA for another ISA manager.
e) Putting extra money into either a mini or maxi ISA.
I don't know what exactly is being asked
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04 Apr 2010, 03:15
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Quite convoluted. D after long deliberation.
It is asking given the premises, what action is not allowed. If you read a little carefully you notice the phrase "from one component of an ISA to the same component of any mini or maxi ISA", which means transfer is only possible between same type of sources i.e. mini/mini or maxi/maxi.
It is a weird question type. What is the source?
It is asking given the premises, what action is not allowed. If you read a little carefully you notice the phrase "from one component of an ISA to the same component of any mini or maxi ISA", which means transfer is only possible between same type of sources i.e. mini/mini or maxi/maxi.
It is a weird question type. What is the source?
. Can you/anybody elucidate the reasoning. 
