This can be achieved either by adding new cash to your portfolio or, alternatively, by transferring funds that are currently outside the ISA wrapper into the ISA facility. If the latter is preferred we normally suggest that funds to the value of £15,240 are sold and then the same holdings re-purchased within the ISA as this avoids paying stamp duty of 0.5%. Please note this means you will be out of the market for a few days and this could work against you if share prices rise during this period.
The ISA allowance increases to £20,000 per person on 6 April 2017, so we can look to repeat this exercise again shortly after that date to maximise your tax free allowances.
If you would like to proceed or discuss ISAs in general (or indeed any other aspect of your finances), please get in touch with your regular Scholes & Brown adviser or email: email@example.com or telephone: 0191 206 4170 and we will be pleased to help you.