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  • FIRST POST
    • grumbler
    • By grumbler 13th Apr 17, 8:38 PM
    • 51,387Posts
    • 21,752Thanks
    grumbler
    Transfer cash ISA without extra contributions in this tax year?
    • #1
    • 13th Apr 17, 8:38 PM
    Transfer cash ISA without extra contributions in this tax year? 13th Apr 17 at 8:38 PM
    I was in the process of applying for a new cash ISA in Coventry BS for transferring my other ISA to it.
    However, at the end of application they say:
    I apply to subscribe for a Cash ISA for this tax year 2017/2018 and each successive year until further notice. I declare that:

    • ..
    • I have not subscribed/made payments, and will not subscribe/make payments, more than the overall subscription/payment limit* in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA in the same tax year;
    • I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA; ...
    However, I have already subscribed to another cash ISA today (Nott BS regular saving one).

    Why can't I transfer my old ISA to Coventry?
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
Page 1
    • masonic
    • By masonic 13th Apr 17, 8:44 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    • #2
    • 13th Apr 17, 8:44 PM
    • #2
    • 13th Apr 17, 8:44 PM
    Why can't I transfer my old ISA to Coventry?
    Originally posted by grumbler
    You can. The bit you highlighted states you haven't/won't subscribe to another cash ISA in the same tax year you subscribe to "this" cash ISA. If you don't subscribe to "this" cash ISA, then you are free to subscribe to another.
    • grumbler
    • By grumbler 13th Apr 17, 8:57 PM
    • 51,387 Posts
    • 21,752 Thanks
    grumbler
    • #3
    • 13th Apr 17, 8:57 PM
    • #3
    • 13th Apr 17, 8:57 PM
    I don't understand...
    I have already subscribed to Nott BS cash ISA for making new contributions.
    Now I want to open a Coventry BS cash ISA for transferring to it, but they want me to declare that I have not subscribed to another cash ISA.

    My understanding was that I only couldn't make contributions to different cash ISAs.
    Last edited by grumbler; 13-04-2017 at 8:59 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • masonic
    • By masonic 13th Apr 17, 9:09 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    • #4
    • 13th Apr 17, 9:09 PM
    • #4
    • 13th Apr 17, 9:09 PM
    I don't understand...
    I have already subscribed to Nott BS cash ISA for making new contributions.
    Now I want to open a Coventry BS cash ISA for transferring to it, but they want me to declare that I have not subscribed to another cash ISA.

    My understanding was that I only couldn't make contributions to different cash ISAs.
    Originally posted by grumbler
    They have not asked you to declare that you "have not subscribed to another cash ISA".

    They have asked you to declare:
    I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA

    To fulfil this (for the current tax year), you can
    EITHER: "...not subscribe, to another cash ISA..."
    OR: "...not subscribe ... to this cash ISA"

    If you have already subscribed to another cash ISA, then you must not subscribe to this cash ISA. That doesn't stop you opening it and transferring into it.
    Last edited by masonic; 13-04-2017 at 9:12 PM.
    • grumbler
    • By grumbler 13th Apr 17, 9:19 PM
    • 51,387 Posts
    • 21,752 Thanks
    grumbler
    • #5
    • 13th Apr 17, 9:19 PM
    • #5
    • 13th Apr 17, 9:19 PM
    If you have already subscribed to another cash ISA, then you must not subscribe to this cash ISA. That doesn't stop you opening it and transferring into it.
    Originally posted by masonic
    How can I open it then if for this they want me to declare that I have not subscribed to another one?

    I was in the process off applying for it (online) and so far I wasn't given an opportunity to select between 'subscribe' and 'not subscribe'. And I have already entered the details of the ISA I wanted to transfer.
    Last edited by grumbler; 13-04-2017 at 9:24 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • masonic
    • By masonic 13th Apr 17, 9:23 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    • #6
    • 13th Apr 17, 9:23 PM
    • #6
    • 13th Apr 17, 9:23 PM
    How can I open it then if for this they want me to declare that I have not subscribed to another one?

    I was in the process off applying for it and so far I wasn't given an opportunity to select between 'subscribe' and 'not subscribe'.
    Originally posted by grumbler
    Do you know what subscribe means?

    I'm assuming you don't, in which case, simply replace the word "subscribe" with "add new money". If you don't add new money, then you haven't subscribed.
    • ian-d
    • By ian-d 13th Apr 17, 9:25 PM
    • 324 Posts
    • 75 Thanks
    ian-d
    • #7
    • 13th Apr 17, 9:25 PM
    • #7
    • 13th Apr 17, 9:25 PM
    I think they assume that you are subscribing (i.e. putting money in) to this new one, but you are not, so it is ok that you've subscribed (put money in) to the other. You are signing up for an account to transfer money in from previous years, so the rule doesn't apply.

    That how I understand it.
    • grumbler
    • By grumbler 13th Apr 17, 9:31 PM
    • 51,387 Posts
    • 21,752 Thanks
    grumbler
    • #8
    • 13th Apr 17, 9:31 PM
    • #8
    • 13th Apr 17, 9:31 PM
    Do you know what subscribe means?

    I'm assuming you don't, in which case, simply replace the word "subscribe" with "add new money". If you don't add new money, then you haven't subscribed.
    Originally posted by masonic
    Firstly, I have already added £50 to the Nott BS when opening it today and will add much more.
    Secondly they want me to declare that "I have not subscribed, and will not subscribe, to another cash ISA"
    I think they assume that you are subscribing (i.e. putting money in) to this new one, but you are not, so it is ok that you've subscribed (put money in) to the other. You are signing up for an account to transfer money in from previous years, so the rule doesn't apply.

    That how I understand it.
    Originally posted by ian-d
    That was my understanding too. However, what they say (what I quoted) is absolutely different.
    Last edited by grumbler; 13-04-2017 at 9:36 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • masonic
    • By masonic 13th Apr 17, 9:34 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    • #9
    • 13th Apr 17, 9:34 PM
    • #9
    • 13th Apr 17, 9:34 PM
    Firstly, I have already added £50 to the Nott BS when opening it today and will add much more.
    Secondly they want me to declare that "I have not subscribed, and will not subscribe, to another cash ISA"
    Originally posted by grumbler
    You keep cutting off the end of that statement. What they say is:

    I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA

    Now, ask yourself the question, "will I subscribe to the Coventry cash ISA in this tax year?"

    If the answer to the above question is no, then you have not subscribed to the Notts BS cash ISA in the same tax year that you subscribe to the Coventry cash ISA. Geddit?
    • grumbler
    • By grumbler 13th Apr 17, 9:43 PM
    • 51,387 Posts
    • 21,752 Thanks
    grumbler
    You keep cutting off the end of that statement. What they say is:

    I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA
    Originally posted by masonic
    Yet again, I don't understand your point.
    I have subscribed to Nott BS ISA in 2017/18 tax year to make new contributions in 2017/18.
    I want to open Coventry BS ISA in 2017/18 to transfer.
    Now, ask yourself the question, "will I subscribe to the Coventry cash ISA in this tax year?"
    I think I won't. However, what they say (ask me to declare) is "I apply to subscribe for a Cash ISA for this tax year 2017/2018... I have not subscribed, and will not subscribe, to another cash ISA in the same tax year that I subscribe to this cash ISA"

    If the answer to the above question is no, then you have not subscribed to the Notts BS cash ISA in the same tax year that you subscribe to the Coventry cash ISA. Geddit?
    No. Sorry.

    ETA: Are you saying that I can "apply to subscribe", but then transfer and not subscribe to this ISA? Even in this case it will be a lie at this point (during application, when I didn't have an opportunity to add any money yet) to declare that I have not subscribed to another ISA.
    Last edited by grumbler; 13-04-2017 at 9:53 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • masonic
    • By masonic 13th Apr 17, 10:02 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    First of all, you can apply to subscribe and then not subscribe. It is simple, just don't add new money.

    Secondly, you just did it again. I'm beginning to think this is a wind up.
    You do not have to declare that "I have not subscribed to another ISA."
    You have to declare that "I have not subscribed ... to another cash ISA in the same tax year that I subscribe to this cash ISA."

    Let's try again with a different question: In which tax year will you have subscribed to both ISAs?
    • grumbler
    • By grumbler 13th Apr 17, 10:10 PM
    • 51,387 Posts
    • 21,752 Thanks
    grumbler
    OK, thank you for your efforts.
    Most likely you are right, but they have done their best to write this in a very confusing way.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • masonic
    • By masonic 13th Apr 17, 10:17 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    OK, thank you for your efforts.
    Most likely you are right, but they have done their best to write this in a very confusing way.
    Originally posted by grumbler
    I don't disagree it is unclear when you are just trying to transfer. However, it is the standard declaration recommended by HMRC. Most, if not all, providers use it:
    https://www.google.co.uk/#q=%22I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA%22
    Last edited by masonic; 13-04-2017 at 10:25 PM.
    • isasmurf
    • By isasmurf 13th Apr 17, 10:23 PM
    • 1,573 Posts
    • 585 Thanks
    isasmurf
    Don't worry about it. It's standard wording that is required on any ISA application. As long as you don't put any new money in to it, in the annual end of year reporting it will be reported to HMRC as a dormant ISA.
    • SallySunshine
    • By SallySunshine 14th Apr 17, 5:03 PM
    • 557 Posts
    • 163 Thanks
    SallySunshine
    Just read this post, I am thinking of transferring a maturing ISA from Santander to a 3yr fixed ISA with the Coventy, I already have a Coventry Easy Access Issue 3 opened last June, the rate on opening was 1.3% variable and reduced to 1.15%. I assumed that since there was a new issue out, mine was now closed. but I was told it is still active so can add to it if i wish, and I might well do this year.

    So reading the above answers has confused me as to what to answer if i go ahead?
    Last edited by SallySunshine; 14-04-2017 at 5:09 PM. Reason: typo
    • masonic
    • By masonic 14th Apr 17, 5:15 PM
    • 9,106 Posts
    • 6,236 Thanks
    masonic
    Just read this post, I am thinking of transferring a maturing ISA from Santander to a 3yr fixed ISA with the Coventy, I already have a Coventry Easy Access Issue 3 opened last June, the rate on opening was 1.3% variable and reduced to 1.15%. I assumed that since there was a new issue out, mine was now closed. but I was told it is still active so can add to it if i wish, and I might well do this year.

    So reading the above answers has confused me as to what to answer if i go ahead?
    Originally posted by SallySunshine
    The only answers you can give are "yes, I accept those declarations", or "no, I won't proceed with my application". But if it's an existing ISA you opened last June, then you've already agreed to the declarations for the last tax year and each successive tax year until further notice.
    Last edited by masonic; 14-04-2017 at 5:18 PM.
    • mrschaucer
    • By mrschaucer 14th Apr 17, 5:21 PM
    • 429 Posts
    • 446 Thanks
    mrschaucer
    Just keep repeating to yourself "Transferring is NOT subscribing" and you'll be OK ...
    • sashasussex
    • By sashasussex 18th Apr 17, 11:50 AM
    • 3 Posts
    • 0 Thanks
    sashasussex
    I too have had a problem with the Coventry. My account is labelled 'dormant' and I tried to pay into it but can't. No explanation on site.
    • SallySunshine
    • By SallySunshine 18th Apr 17, 12:01 PM
    • 557 Posts
    • 163 Thanks
    SallySunshine
    Sasha, when did you open your account and when did you last use it.?
    It seems some easy access mini isa's can be labelled dormant if you haven't accessed it for a period of time.
    You may need to give them a ring.
    • jimjames
    • By jimjames 18th Apr 17, 1:23 PM
    • 11,698 Posts
    • 10,007 Thanks
    jimjames
    I too have had a problem with the Coventry. My account is labelled 'dormant' and I tried to pay into it but can't. No explanation on site.
    Originally posted by sashasussex
    If you've not paid in recently then they may be doing you a favour. Definitely worth checking rates and if a cash ISA is still worthwhile for your situation.
    Remember the saying: if it looks too good to be true it almost certainly is.
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