Opened Icesave ISA. Not Deposited. Open another?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
5 replies 438 views
benjdrbenjdr Forumite
219 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
All,

I applied for an Icesave ISA since I have a savings account with them, but I have not yet deposited any money into it.

I have now changed my mind about that ISA, and have decided to move all the money away from Icesave.

Can I open another ISA with the principality and transfer into that without problem?

I quote the HMRC website http://www.hmrc.gov.uk/leaflets/isa-factsheet.htm
Remember you cannot invest in more than one cash ISA, or more than one stocks and shares ISA in the same tax year.

Mistakes do happen. If you do invest in more than one ISA of the same type in a tax year, the second ISA will not be tax-advantaged.

It does say you can't invest in more than per year, but I'm just after some assurance that by opening a second, without depositing into the first, that the second won't loose it's tax advantage.

If it wasn't a weekend I'd ring the HMRC helpline, but you lot are the next best thing!:money:

Cheers

Replies

  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    Yes thats fine. So the balance in the ISA is £0?
  • endureendure Forumite
    271 Posts
    Part of the Furniture Combo Breaker
    ✭✭
    I think you'll find that as you've opened an ISA with Icesave that it is your ISA for this tax year regardless of the fact that you've not put any money into it.
  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    endure wrote: »
    I think you'll find that as you've opened an ISA with Icesave that it is your ISA for this tax year regardless of the fact that you've not put any money into it.

    That is incorrect. You can open as may ISAs as you wish as long as you only deposit new money into one. (of which you can then trasnfer mid-year if you wish)
  • cc004-2cc004-2 Forumite
    53 Posts
    endure wrote: »
    I think you'll find that as you've opened an ISA with Icesave that it is your ISA for this tax year regardless of the fact that you've not put any money into it.
    Not sure that's correct? My understanding is that you can open as many as you like, but only subscribe new money into a single account during the financial year.

    oops, Lokolo beat me to it!

    CC.
  • benjdrbenjdr Forumite
    219 Posts
    Lokolo wrote: »
    Yes thats fine. So the balance in the ISA is £0?
    Yes, correct, nothing has been deposited.

    Cheers, Lokolo and cc004-2. That puts my mind to rest.
This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides