Second isa

emptyglass

Did I read correctly in last sundays mail which got disposed of before I could check, that the inland revenue turn a blind eye if you open a second isa and maybe transfer your existing, as long as you don't invest more than the yearly limit ?

opinions4u

emptyglass wrote: »

Did I read correctly in last sundays mail which got disposed of before I could check, that the inland revenue turn a blind eye if you open a second isa and maybe transfer your existing, as long as you don't invest more than the yearly limit ?

I believe this linky relates to the article in question.

It's not a risk I'd be prepared to take.

paid4it

yes there was an article on this is money web site, although i'm surprised that the providers of the second isa allowed it to be opened

emptyglass

opinions4u Thanks, that was what I was looking for.

paid4it I was suprised when I read it too, but Im going to give it a go, only getting a lousy 1% at natwest.

Baldur

You may wish to read this thread - in the scenario outlined in my post #6 I had not subscribed to a 2nd ISA, it was solely down to a clerical error on the part of Icesave (a box incorrectly ticked on the form which accompanied my transferred funds).

If you wish to risk taking a newspaper's guidance, please let us know how it goes.

emptyglass

Read the thread Baldur, I will let you know how I get on.

withnell

Why not top up the 1% paying ISA then transfer the lot? That way you're staying within the rules and get the benefits

agsnu

paid4it wrote: »

yes there was an article on this is money web site, although i'm surprised that the providers of the second isa allowed it to be opened

The providers of the second ISA have no knowledge of your subscriptions to the first ISA. On an annual basis ISA providers make returns to HMRC, showing your NI Number and the amount you have subscribed, etc.

emptyglass

withnell Perfect solution, applied for the 2.65% paying isa with standard life.