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Isa can u spread £3000 limit over 2????

I have 2 Isa's opened up in 2 different tax years

Question....

Can i pay into both in any one tax year but not exceeding my £3000 limit....i.e £1500 into each


When I questioned this at the BBBS the lady kicked up a big fuss "Ohh you cant have 2 Isa's ...the inland revenue "Police" will av yer and you will be banged to rights ..going down fer a ten stretch....or words to that effect..


Please clarify after reading some of these threads am wondering if she really knew what she was talking about well you would expect she would wouldnt you you know working in a financial institution an all???????????????? :eek: :eek: :eek:

Comments

  • You cannot contribute to two different ISAs in the same tax year (unless you actually transfer one to another) - you can however have more than one ISA opened in different tax years.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    You can only contribute to the current years ISA.

    You cannot add to an ISA from a previous tax year, after the tax year ends, no further funds can be added to that ISA.
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    deemy2004 wrote:
    You can only contribute to the current years ISA.

    You cannot add to an ISA from a previous tax year, after the tax year ends, no further funds can be added to that ISA.

    That is 100% incorrect!!!

    You can only contribute to one ISA in any one year but if you choose not to open up a separate ISA each tax year you can contribute to the one ISA that you did open up in a previous year.

    In fact this is what my ISA certificate with Halifax says:

    You have subscribed to this mini cash ISA for the tax year 2003/2004 and each subsequent tax year until further notice.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    That is 100% incorrect!!!

    You can only contribute to one ISA in any one year but if you choose not to open up a separate ISA each tax year you can contribute to the one ISA that you did open up in a previous year.

    In fact this is what my ISA certificate with Halifax says:

    You have subscribed to this mini cash ISA for the tax year 2003/2004 and each subsequent tax year until further notice.

    The guy has TWO ISA's

    One last year, one current year.

    Your confusing him.. Yes, if he just had the one ISA then he could continue to contribute to it, but he don't he has TWO ISA's Last year and CURRENT year hence YOU CANNOT ADD TO THE PREVIOUS YEAR ISA !

    If he did his ISA tax free status would be VOID !

    All ISA's mention that you can contribute in subsquent years, which can be mis-interpreted if you open a NEW ISA in the current Tax year, which is probably whats happening here hence the question posted.
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    deemy2004 wrote:
    The guy has TWO ISA's

    One last year, one current year.


    deemy2004:

    Tooconfused actually said:
    I have 2 Isa's opened up in 2 different tax years

    There is no mention that the second ISA was opened in the current year.

    I worded my answer to ensure that is correctly worded, irrespective of whether the second ISA was opened this tax year or in a previous tax year.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    The question read as a whole clearly implies two isa's, for the current and prev year.

    enuf... this is getting circular......
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