How Many Isa's Can One Person Have

chewmylegoff

Chrissybh0y wrote: »

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 ?

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 .

ad44downey

Chrissybh0y wrote: »

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 ?

they lock you up and throw away the key. the bounders.

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?

baby_boomer

ad44downey wrote: »

you can have as many as you want. just as long as the inland revenue don't find out

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.

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

Oblivion

Chrissybh0y wrote: »

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?

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.

Chrissybh0y

It is called " TELEPHONE SAVER account with RBA "

cheerfulcat

Chrissybh0y, that's not an ISA, it's just an ordinary savings account. A pretty lousy one at that.

Link.

Chrissybh0y

cheerfulcat wrote: »

Chrissybh0y, that's not an ISA, it's just an ordinary savings account. A pretty lousy one at that.

Link.

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?

Oblivion

cheerfulcat wrote: »

Chrissybh0y, that's not an ISA, it's just an ordinary savings account. A pretty lousy one at that.

Link.

Quite so.

Dave.