I have not subscribed and will not subscribe to another Cash ISA in the same tax year

anoncol

Hi,

Can i ask for some help and clarification on this please?

I already have an isa opened a few years ago, but i've paid into it this financial year, but i'm trying to open a Santander 2012/2013 ISA and its asking me
"I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA;"

Does this mean i cant open it because i've paid into my current ISA at this particular time. Can you only pay into 1 ISA per financial year?

Thanks,

DragonQ

Your cash ISA money from the current tax year must all be in one account. If you've already subscribed for 2012-13 then you must put all new money for this tax year in the same account, or transfer it all into a new account and pay into that one.

anoncol

So as long as i only at a single time pay into a single ISA i'm ok?

I paid into my current ISA just 2 weeks ago, so can i open this new santander ISA today and make it my new current ISA?

The bit that confuses me is "same tax year", which makes it sound to me that you cant transfer account mid tax year and pay in to both appropriately before/after the transfer.

anoncol

Another thing is, does subscribe mean "make deposits"?

It seems to according to another thread on here, but i thought it meant open.

DragonQ

anoncol wrote: »

So as long as i only at a single time pay into a single ISA i'm ok?

No.

anoncol wrote: »

I paid into my current ISA just 2 weeks ago, so can i open this new santander ISA today and make it my new current ISA?

"Current" means "current tax year". If you paid into an ISA 2 weeks ago then that is the ISA containing your current tax year deposits; you cannot deposit into a different ISA now (until the new tax year).

anoncol wrote: »

Another thing is, does subscribe mean "make deposits"?

Yes. You often have to tick a similar box even if you're only opening a new ISA to put previous years' ISA subscriptions into. This is fine because you aren't "subscribing" (depositing) to the new ISA, you're merely transferring in.

anoncol

Thanks, thats a lot clearer.

So i'm ok to open this account today as long as i dont pay any deposits in (this tax year) apart from my current ISA balance?

Sounds a bit hare raising to me.

DragonQ

anoncol wrote: »

Thanks, thats a lot clearer.

So i'm ok to open this account today as long as i dont pay any deposits in (this tax year) apart from my current ISA balance?

Sounds a bit hare raising to me.

Yes, you can only put money in your new ISA in this tax year if all of your previous subscriptions from this tax year are transferred to it first. I highly doubt that would happen before Saturday.

What you could do of course is deposit more money into your existing ISA which has your deposits from 2 weeks ago already in it. Then, transfer the lot to the new ISA...this assumes your new ISA allows transfers in though.

anoncol

Thanks, thats what i've done already as it happens and is why i made the bit deposit to my current ISA, basically i abandoned my ISA because we were doing so much with new cars and house.

I wanted to just put all spare cash back into my ISA to count in this tax year (though crap interest).

Gromitt

anoncol wrote: »

So i'm ok to open this account today as long as i dont pay any deposits in (this tax year) apart from my current ISA balance?

You can open it with a nil balance, but it will not mean anything, as if its got a nil balance on 6th April, you'll have to raise another ISA declaration for the new tax year, and you can't fund it until the 6th April. So your pretty much stuck.

Deposit into your existing ISA you deposited in 2 weeks ago, then transfer.

anoncol

Gromitt wrote: »

You can open it with a nil balance, but it will not mean anything, as if its got a nil balance on 6th April, you'll have to raise another ISA declaration for the new tax year, and you can't fund it until the 6th April. So your pretty much stuck.

Deposit into your existing ISA you deposited in 2 weeks ago, then transfer.

Its the account that needs 2.5k min. But i've just opened it.

What do you mean by stuck? do you mean only till 6th apr to put money in?

Gromitt

anoncol wrote: »

Its the account that needs 2.5k min. But i've just opened it.

I mean you can't fund it as you already deposited in another ISA 2 weeks ago, so unless your going for a transfer your pretty stuck as you can't deposit in this one and leaving it empty will void it as there are only 3 days left in this tax year (including today).