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  • FIRST POST
    jbherts
    How Many Isa's Can One Person Have
    • #1
    • 16th Aug 08, 5:12 PM
    How Many Isa's Can One Person Have 16th Aug 08 at 5:12 PM
    I'm very confused at the number of ISA's one person can have, i thought it was just one putting in up to the maximum allowance each year, but my in laws inform me they have two each, two with 3000 and two with 3600, all with barclays! surely they should only have one each with 6600 then add up to the max in next year, i would be gratefull if someone could help as they are both in their 80's and i dont want them to start worrying, many thanks
Page 1
  • talana
    • #2
    • 16th Aug 08, 5:33 PM
    • #2
    • 16th Aug 08, 5:33 PM
    Each person is allowed one cash ISA per year.

    You have the choice to open a new one each tax year, or keep many years worth of contributions all in the same ISA (or some option in the middle of the two)
    • Milarky
    • By Milarky 16th Aug 08, 5:48 PM
    • 6,256 Posts
    • 2,202 Thanks
    Milarky
    • #3
    • 16th Aug 08, 5:48 PM
    • #3
    • 16th Aug 08, 5:48 PM
    Each person is allowed one cash ISA per year.

    You have the choice to open a new one each tax year, or keep many years worth of contributions all in the same ISA (or some option in the middle of the two)
    Originally posted by talana
    Going the other way, after the current year has passed, there is then no limit to the number of ISAs one may apply to open since transferred funds from past years can be split (only this year's may may not be split up until 6th April) This can be handy for carpetbagging accounts with £100 with building societies that otherwise offer very poor standard accounts...
    .....under construction....
    • jem16
    • By jem16 16th Aug 08, 5:51 PM
    • 18,438 Posts
    • 11,209 Thanks
    jem16
    • #4
    • 16th Aug 08, 5:51 PM
    • #4
    • 16th Aug 08, 5:51 PM
    I'm very confused at the number of ISA's one person can have, i thought it was just one putting in up to the maximum allowance each year, but my in laws inform me they have two each, two with 3000 and two with 3600,
    Originally posted by jbherts
    With those amounts it sounds like they have an ISA each for this tax year (08/09) containing £3,600 and an ISA each for last tax year (07/08) containing £3,000. This is perfectly possible.


    all with barclays! surely they should only have one each with 6600 then add up to the max in next year,
    Normally if it's with the same provider you would expect them just to add to it each year. Perhaps they have that and your in laws think they don't. Or perhaps they have simply opened another one?


    i would be gratefull if someone could help as they are both in their 80's and i dont want them to start worrying, many thanks
    If they are for separate tax years it's not a problem.
  • Crinz
    • #5
    • 19th Aug 08, 10:27 PM
    • #5
    • 19th Aug 08, 10:27 PM
    im assuming they had last years 3k fixed for a term so couldnt add to it this year. As a result they had to open a new ISA to fund for this year.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • truescot
    • By truescot 19th Aug 08, 10:33 PM
    • 122 Posts
    • 20 Thanks
    truescot
    • #6
    • 19th Aug 08, 10:33 PM
    • #6
    • 19th Aug 08, 10:33 PM
    So the fact that I have an ISA which I opened about 6 years ago which has about £60 in it(!!) means I can't open another one till next year? As I have contributed to it this year.

    I am currently sorting my finances out which have been woeful, but I am now debt free and ready to start saving. Will I have to wait till next year to open another ISA. My current one is with BoS with a rate of 3.06%. Shocking!!

    Wait till April, check MSE for the best rate, deposit my allowance and repeat year after year?
    • chewmylegoff
    • By chewmylegoff 19th Aug 08, 10:56 PM
    • 11,193 Posts
    • 53,555 Thanks
    chewmylegoff
    • #7
    • 19th Aug 08, 10:56 PM
    • #7
    • 19th Aug 08, 10:56 PM
    Going the other way, after the current year has passed, there is then no limit to the number of ISAs one may apply to open since transferred funds from past years can be split (only this year's may may not be split up until 6th April) This can be handy for carpetbagging accounts with £100 with building societies that otherwise offer very poor standard accounts...
    Originally posted by Milarky
    i thought the one new cash isa per year rule still applied to transfers i.e. if i have £10k in ISA 1, then i open ISA2 for this tax year and put £3.6k in, I cannot in the same year open ISA 3 and transfer the £10k from ISA1 to a new ISA 4, I could only transfer it to ISA 2.

    is this not the case?
    • boobbby
    • By boobbby 19th Aug 08, 11:28 PM
    • 753 Posts
    • 212 Thanks
    boobbby
    • #8
    • 19th Aug 08, 11:28 PM
    • #8
    • 19th Aug 08, 11:28 PM
    i thought the one new cash isa per year rule still applied to transfers i.e. if i have £10k in ISA 1, then i open ISA2 for this tax year and put £3.6k in, I cannot in the same year open ISA 3 and transfer the £10k from ISA1 to a new ISA 4, I could only transfer it to ISA 2.

    is this not the case?
    Originally posted by chewmylegoff
    You can transfer any cash ISA to a new provider that accepts existing ISA's (not all do) you can even transfer the ISA2. What you can't do is put anymore money into a cash ISA this tax year !!
    • Chrissybh0y
    • By Chrissybh0y 19th Aug 08, 11:35 PM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    • #9
    • 19th Aug 08, 11:35 PM
    • #9
    • 19th Aug 08, 11:35 PM
    I recently joined RBS and they opened up 2 ISA's for me one was a omline/telephone one and the other was the standrad one the government has given every person , i can stick 3600 a year i think in both, with no penaltys for takin any money out, dunno if that helps or anything lol
    Better to understand a little than to misunderstand a lot.
  • ad44downey
    you can have as many as you want. just as long as the inland revenue don't find out
    • Chrissybh0y
    • By Chrissybh0y 19th Aug 08, 11:45 PM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    you can have as many as you want. just as long as the inland revenue don't find out
    Originally posted by ad44downey
    If the inland revenue find out then what happens?

    and if there is a problem with having more then one then why do we get offered a few ?
    Better to understand a little than to misunderstand a lot.
    • chewmylegoff
    • By chewmylegoff 19th Aug 08, 11:59 PM
    • 11,193 Posts
    • 53,555 Thanks
    chewmylegoff
    If the inland revenue find out then what happens?

    and if there is a problem with having more then one then why do we get offered a few ?
    Originally posted by Chrissybh0y
    if the inland revenue finds out and decides that you are evading tax on purpose then i expect you'll have to pay the tax you would've done if the extra ISA account wasn't an ISA, plus a fine of up to 100% (i think) of the tax you evaded. technically you can get a prison sentence for tax evasion but in practice opening an extra ISA probably isn't deemed an offence worthy of a prison sentence because the amount of tax evaded would be too small.

    when you open an ISA you have to provide your national insurance number, the bank then has to inform the inland revenue that you have opened the account, so theoretically the revenue should have all this data in a database and should be able to spot duplicate ISAs associated with the same NI number pretty quickly, although the reality is they probably put all the data on a CD and then lose it in their internal post .
    Last edited by chewmylegoff; 20-08-2008 at 12:02 AM.
  • ad44downey
    If the inland revenue find out then what happens?

    and if there is a problem with having more then one then why do we get offered a few ?
    Originally posted by Chrissybh0y
    they lock you up and throw away the key. the bounders.
    • Chrissybh0y
    • By Chrissybh0y 20th Aug 08, 10:35 AM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    Ok so i got my 2 ISA forms through today from RBS , one is for this telephone/internet banking ISA and the other is a Cash ISA, i only wanna have the one cause i dont want locked up in the bounders lol whats the best one to keep?
    Better to understand a little than to misunderstand a lot.
    • baby_boomer
    • By baby_boomer 20th Aug 08, 10:38 AM
    • 3,753 Posts
    • 5,373 Thanks
    baby_boomer
    you can have as many as you want. just as long as the inland revenue don't find out
    Originally posted by ad44downey
    In fact, you really can have as many as you want .

    After the end of a tax year, Past ISAs can be split into as many sub-ISAs as you want with differing institutions according to the Inland Revenue's own rules.

    You are just limited to one mini-Cash ISA in the current tax year, and you can't add money, except interest earned, to these past ISAs.
    Last edited by baby_boomer; 20-08-2008 at 10:41 AM.
    • Chrissybh0y
    • By Chrissybh0y 20th Aug 08, 10:44 AM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    I dont even no what the means lol so baby boomer do u think im better with the one or both, i just want sumthing to put my tax credits into so i can pay an over draft or credit card off
    Better to understand a little than to misunderstand a lot.
    • Oblivion
    • By Oblivion 20th Aug 08, 11:21 AM
    • 18,946 Posts
    • 57,569 Thanks
    Oblivion
    Ok so i got my 2 ISA forms through today from RBS , one is for this telephone/internet banking ISA and the other is a Cash ISA, i only wanna have the one cause i dont want locked up in the bounders lol whats the best one to keep?
    Originally posted by Chrissybh0y
    Are you sure the one you describe as "telephone/internet banking ISA" isn't an application for a Stocks & Shares ISA? Everyone is entitled to subscribe to both a Cash ISA and a Stocks & Shares ISA in the same tax year.

    Dave.
    ... Dave
    Happily retired and enjoying my 10th year of leisure

    I am cleverly disguised as a responsible adult.

    Bring me sunshine in your smile
    • Chrissybh0y
    • By Chrissybh0y 20th Aug 08, 11:26 AM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    It is called " TELEPHONE SAVER account with RBA "
    Better to understand a little than to misunderstand a lot.
    • cheerfulcat
    • By cheerfulcat 20th Aug 08, 11:28 AM
    • 3,174 Posts
    • 1,352 Thanks
    cheerfulcat
    Chrissybh0y, that's not an ISA, it's just an ordinary savings account. A pretty lousy one at that.

    Link.
    • Chrissybh0y
    • By Chrissybh0y 20th Aug 08, 11:31 AM
    • 363 Posts
    • 51 Thanks
    Chrissybh0y
    Chrissybh0y, that's not an ISA, it's just an ordinary savings account. A pretty lousy one at that.

    Link.
    Originally posted by cheerfulcat

    Thanx for the link i wasnt told much about it when i was on the phone to them last week when they offered me it, so id better just stick with the ISA the offered me?
    Better to understand a little than to misunderstand a lot.
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