Transferring ISA mid-year?

Stompa

mutter wrote: »

So I wouldn't be able to do it?

No, you can't open an ISA (or any other account) on someone else's behalf.

mutter

Damn!
I can feel a family day out to the bank coming on!
Thanks for that anyway.

Stompa

mutter wrote: »

Damn!
I can feel a family day out to the bank coming on!
Thanks for that anyway.

Just tell them that you'll only give them the money after they've opened an ISA (with say an initial deposit of £1)!

mutter

Stompa wrote: »

Just tell them that you'll only give them the money after they've opened an ISA (with say an initial deposit of £1)!

Not a bad idea!

I'm assuming that an ISA is probably the best place to put their money, but I'd be happy to be corrected on that.

They're all working, and though the youngest (nearly 18 and only working part-time) hasn't paid any tax yet, he's nearly finished college and is hoping to start full time work soon.

thenudeone

mutter wrote: »

So I wouldn't be able to do it?

Well - your adult children would definitely have to open the account themselves, but the bank may accept a cheque or transfer from someone else to fund it. Some insist on the initial deposit cheque being drawn on the account holder's name, as part of their identity checks; others don't seem so bothered.

mutter

thenudeone wrote: »

You can only FUND one ISA in one tax year, up to the maximum allowance.

Well - your adult children would definitely have to open the account themselves, but the bank may accept a cheque or transfer from someone else to fund it. Some insist on the initial deposit cheque being drawn on the account holder's name, as part of their identity checks; others don't seem so bothered.

I never thought of that.
So I might be better off giving them a cheque, waiting for it to clear in their account - THEN marching them off down the bank to pay their own money into their ISA.

Control freak?
Moi?
Surely not!
:eek:

Matilda32_2

Not sure what the correct procedure is here, and if I should be starting a new thread.... but anyway, I need a bit of help please.

I am in the process of transferring all my accounts to a new bank, including my ISA. I just went to apply for my new ISA, which does not accept transfers from old ISA's. NO problem, I thought, I'll just transfer the funds to my new current account and then into my new ISA and carry on my current year savings in my new account (I don't have enough savings and won't save enough in the year to reach the threshold).... but then I've been reading these threads and I am now worried that I've done something dodgy!

Looking back, I have even declared that I have not subscribed to another ISA in the current year... which is wrong (I am a muppet), I HAVE paid in money to my old ISA since April.... OH NOOOOO!! Should I contact my new bank and withdraw the application, opting instead for one that accepts transfers in (even though the rate is crap) and then change it in April 2012?

Am very worried.

xrjtg

Matilda32 wrote: »

Not sure what the correct procedure is here, and if I should be starting a new thread.... but anyway, I need a bit of help please.

You could have started a new thread if you'd wanted to.

Matilda32 wrote: »

Looking back, I have even declared that I have not subscribed to another ISA in the current year... which is wrong (I am a muppet), I HAVE paid in money to my old ISA since April.... OH NOOOOO!! Should I contact my new bank and withdraw the application, opting instead for one that accepts transfers in (even though the rate is crap) and then change it in April 2012?

Ideally you shouldn't have done this. However, there's a certain amount of tolerance of "self-transfers" by HMRC, so if the total amount transferred is less than this year's allowance (which you suggest it is), then you might get away with it. Others might be able to provide more details.

Matilda32 wrote: »

I am in the process of transferring all my accounts to a new bank, including my ISA.

There's no particular reason for all your accounts to be with one bank. Disloyalty is a good habit to cultivate.