Splitting your cash allowance allowed?

Princewood

We've only managed to invest £4000 before being told our cash ISA(2011-12) was closed to further investment (it was in the small print apparently). Does anyone know if we can we stick the remaining allowance for this year in last years cash ISA account(different provider)?

Ark_Welder

Unfortunately not. The only way that I can think of is that you transfer the ISA to another provider - if the terms and conditions allow.

See http://www.hmrc.gov.uk/isa/faqs.htm#7 and the Q&A that follows that one too

le_loup

Or your current provider may allow the opening of a different account for the balance. Many do.

AirlieBird

As le loup suggests try your current provider. The ISA is just an umbrella in which you can shelter any number of accounts from tax. Some providers have IT systems that can manage multiple accounts within the same ISA, some do not.

If your current provider will not allow you to use your remaining allowance your next port of call is HMRC's ISA helpline (0845 604 1701). I do not know if there are rules that say that you must not be prevented from using your full ISA allowance but I strongly believe that there should be if there isn't. By calling the helpline if HMRC can't help you on this occasion at least it will register with them that this is an issue.