Unfortunately not. The process, known as a Bed & ISA, is not currently available under Innovative Finance ISA rules.

However, interest and capital paid on an existing bond can be transferred into your IFISA account as part of that year’s subscription. The transferred funds can then be invested in an open bond or future offers, with returns being tax-free.

An IFISA does not reduce the risk of the investment or protect you from losses, so you can still lose all your money. It only means that any potential gains from your investment will be tax-free.