Opened Icesave ISA. Not Deposited. Open another? 26 July 2008 at 9:07PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 5 replies 438 views

benjdr

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

Lokolo

Yes thats fine. So the balance in the ISA is £0?

endure

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.

Lokolo

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)

cc004-2

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.

benjdr

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.