I’m looking at opening an ISA (stock & shares), and I started wondering what happens with the perks (tax free) when I move ISA accounts around.
For simplicity let's assume that ISA allowance is constant at £20K and I always use it all.
If in tax year 2018/19, I have an ISA (stock & shares) with provider Alpha, and the next tax year 2019/20 I have opened another ISA (stock & shares) with provider Bravo for whatever reason (lower platform costs or something), what will happened if in the middle of tax year 2019/20 for some reason I’m not happy with my Alpha provider (ISA 2018/19)? Can I move this ISA (2018/19) to some other provider or am I stuck with them? Will I lose my tax free perk for that £20K as I have already reached the £20K allowance with provider Bravo?
How does this work? Do I need to keep an ISA with the same provider year after year?