2009/10 2010/11 isa

Isobel_Bates

I had a standing order leave my account on 1 April 2010, this was the final ammount to pay in for previous tax year. The money did not reach my account until 7 April due to bank holiday. I have been told that I cannot open an account for this tax year because final payment did not arrive before cut off on 5th. Is a transfer an option for me or will I have to wait until next April?

Lokolo

You can transfer the whole amount to a new ISA which allows transfers.

You can then fill up the ISA with the rest of the allowance (so £5,100 minus that amount that went in on 7th).

Mikeyorks

........... or you can argue. In that HMRC qualify that the date of subscrition for an SO is the date it is due ....... not the date it is posted to the account. See 6.9 (4th bullet) :-

http://www.hmrc.gov.uk/isa/isa-guidance-notes-2008.pdf

......... but bear in mind the wording was written for single payments. However the same logic applies, to each, if you're making regular payments.

GreenMoney

I agree with Lokolo. If you are looking for another ISA provider this tax year, transfer the subscription made this tax year to a provider who accept transfers in and also maybe transfer the previous tax years money too if the new provider is paying a higher rate