Definition of 'ISA subscription'

greenkey

I've been hunting around on and off for weeks trying to find the answer to this and am wondering if anyone knows the definitive answer?:

For several years I've had a Cash ISA with NatWest. In this (2012/13) tax year I've only withdrawn money (not paid anything in).

Does this count as having 'subscribed' in this tax year or not? I.e. am I able to open a new Cash ISA with a different provider?

Thanks in advance,
Mark

Consumerist

greenkey wrote: »

I've been hunting around on and off for weeks trying to find the answer to this and am wondering if anyone knows the definitive answer?: For several years I've had a Cash ISA with NatWest. In this (2012/13) tax year I've only withdrawn money (not paid anything in). Does this count as having 'subscribed' in this tax year or not? I.e. am I able to open a new Cash ISA with a different provider?

If you haven't paid money into an ISA from 6 April 2012 then you have not subscribed to a 2012/13 ISA.

What you have effectively done is to withdraw from a previous year's ISA. You can open a new ISA for 2012/13 subscriptions with a different provider.

Joe_Bloggs

If you have not paid any money in this tax year then you are free to open up an additional ISA account with the same or other providers for the new money.
You can in addition transfer old ISA money to ISA providers who accept transfers in. When I say old I mean money that has been in the ISA before the start of this tax year. This amount also includes interest that has been paid in this tax year.
J_B.