Can you have 2 ISAs?

oldfella

just to be precise - you can contribute to a cash ISA, then transfer it, then contribute to the transferred location up to a total of £5100 over the year, all in the same year. What you cant do is contribute to two open accounts in the same year.

dano1234

would it be possible to reccomend some of the best stocks and shares isa places out there.

Im mainly looking at Hargreaves Lansdown, dont know if this is one of the better ones tho?

Mikeyorks

cashbackproblems wrote: »

Sorry i meant 15k PER YEAR, i know the limit is only 5100 in each one, but hes been putting more in and no ones ever found out and dont think they will.

I think he's pulling your proverbial. HMRC monitoring is better than that.

cashbackproblems

Mikeyorks wrote: »

I think he's pulling your proverbial. HMRC monitoring is better than that.

hes not hes showed me his iii account before!!

ud be surprised there must be millions out there doing this.

MarkyMarkD

Well, I've seen lots of letters from HMRC to investors telling them that HMRC have noticed they have subscribed to ISAs with both ABC building society and XYZ bank and that it's not allowed.

HMRC cross-check the data every year. It is incredibly simply to cross-check NI numbers between all ISA holders.

The only way that the individual concerned would be getting away with it repeatedly is by fraudulently using incorrect NI details. And even then, HMRC should identify an NI number which is completely false.

jamesd

fluffyowl wrote: »

Hi, I have a flexible ISA, that I have been putting money (£2000) into this year, but have now taken it all out as I have realised the interest rate has dropped to a ridiculously low level. Can I open another ISA and put the rest of my allowance in that, but leave this one open so I can get the interest (paid annually) or do I have to close it?

If you also closed that account and it's the first time you did that this tax year with money from this tax year, you still can use the full £5100 allowance for a cash ISA this year. This is a once only per tax year self-transfer exception.

You can open an unlimited number of cash ISAs per year provided you transfer between them, not withdraw and redeposit, and transfer all of the money paid in during the current tax year.

For money paid in during past years you can have an unlimited number of cash ISA accounts, no restrictions at all.

You can also deposit money into a stocks and shares ISA in the same year as you use a cash ISA. Same one of each type open at the same time for money from the same tax year restriction.

Cashbackproblems, the ISA providers have to file annual reports with HMRC, which looks at the NI number and other details to link the accounts. Eventually HMRC will notice.

ffnameary

You should continue to use the ISA you opened with. Not another one.

Just_landed

cashbackproblems wrote: »

hes not hes showed me his iii account before!!

ud be surprised there must be millions out there doing this.

When your friend opened their ( I presume ) S & S Isa A/C with iii they will of signed a document saying that they will not contribute to two Isa accounts in the same Tax year, but if they do, the max is £5100 into a cash and the rest into the S & S Isa up to a total of £10200 in both, this Tax Year. Not sure if say, you put £7000 into the S & S Isa then £3200 into the cash Isa or multiples off. It's not up to the Organization who sell the Isa's to check each other out, just their own to the limits set out.
The Tax man cometh. Tell your freind to have money put aside ready to pay the TAX.