It is currently 17 Oct 2017, 02:50

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# Events & Promotions

###### Events & Promotions in June
Open Detailed Calendar

# You can transfer your ISA to another manager

Author Message
Director
Joined: 25 Aug 2007
Posts: 929

Kudos [?]: 1502 [0], given: 40

WE 1: 3.5 yrs IT
WE 2: 2.5 yrs Retail chain

### Show Tags

03 Apr 2010, 05:06
00:00

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 100% (03:34) wrong based on 3 sessions

### HideShow timer Statistics

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

Kudos [?]: 1502 [0], given: 40

Intern
Joined: 02 Apr 2010
Posts: 41

Kudos [?]: 3 [0], given: 2

### Show Tags

03 Apr 2010, 15:50
IMO D .. the question is asking about a scenario which is forbidden...

Kudos [?]: 3 [0], given: 2

Manager
Joined: 07 Jan 2010
Posts: 237

Kudos [?]: 9 [0], given: 16

### Show Tags

04 Apr 2010, 03:15
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?

Kudos [?]: 9 [0], given: 16

Director
Joined: 25 Aug 2007
Posts: 929

Kudos [?]: 1502 [0], given: 40

WE 1: 3.5 yrs IT
WE 2: 2.5 yrs Retail chain

### Show Tags

12 Apr 2010, 08:16
Thanks Artabhi, but still the explanation seems elusive to me . Can you/anybody elucidate the reasoning.
_________________

Tricky Quant problems: http://gmatclub.com/forum/50-tricky-questions-92834.html
Important Grammer Fundamentals: http://gmatclub.com/forum/key-fundamentals-of-grammer-our-crucial-learnings-on-sc-93659.html

Kudos [?]: 1502 [0], given: 40

Manager
Joined: 20 Nov 2009
Posts: 164

Kudos [?]: 248 [0], given: 64

### Show Tags

13 Apr 2010, 07:22
[quote="ykaiim"]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.

The highlighted part means that only for the current year, you can transfer to the same component to another manager. min->min->Another Mgr. The following statement reads that for previous years, you can transfer one component to the same component. mini->mini or maxi -> maxi. So the only difference between the two scenarios is a different ISA manager, which would be forbidden for previous years. Hence choice D.
_________________

But there’s something in me that just keeps going on. I think it has something to do with tomorrow, that there is always one, and that everything can change when it comes.
http://aimingformba.blogspot.com

Kudos [?]: 248 [0], given: 64

Re: You can transfer your ISA to another manager   [#permalink] 13 Apr 2010, 07:22
Display posts from previous: Sort by