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Am I in breach of HMRC regs
catzz220
Posts: 4 Newbie
Hello,
I have just opened a 60 day notice ISA with provider X.
I opened a fixed 2 year ISA on 15 May 2012 with provider Y. I haven't been able to add anything to this ISA since it was opened.
Am I breaching HMRC regulation by having 2 ISA's with different providers?
Thanks :eek:
I have just opened a 60 day notice ISA with provider X.
I opened a fixed 2 year ISA on 15 May 2012 with provider Y. I haven't been able to add anything to this ISA since it was opened.
Am I breaching HMRC regulation by having 2 ISA's with different providers?
Thanks :eek:
0
Comments
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If you haven't added anything to one of the ISAs I'm pretty sure you're fine.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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as long as you dont subscribe to 2 open ISAs in the same tax year you are OK0
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ISA X was opened in tax year 12/13 but no contributions were made in tax year 13/14
Isa Y was "just" opened so tax year 13/14
you are perfectly OK as you have only subscribed to one ISA per year0 -
Am I breaching HMRC regulation by having 2 ISA's with different providers?
No, because there is no such regulation!
You can only "subscribe" to one cash ISA per tax year. By "subscribe" they mean "put money in to". When the ISA was opened, whether you have other ISAs, or whether you move ISAs (without taking money out of "wrapper") doesn't matter one jot: it's new money going in that counts.
Similarly, you can also "subscribe" to one stocks and shares ISA per tax year.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Thanks everyone !
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Removed by Beachnut.0
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I think its your last sentence here that is relevant - you could subscribe to several cash ISAs in any one tax year.
Sorry, but that is not right, what gadgetmind said is correct. You can "subscribe" to one cash ISA and one stocks and shares ISA in any one tax year. What you've described is against the rules, even if the overall amount added is within the limit.
http://www.hmrc.gov.uk/isa/faqs.htm#80 -
Shaolin_Monkey wrote: »Sorry, but that is not right, what gadgetmind said is correct. You can "subscribe" to one cash ISA and one stocks and shares ISA in any one tax year. What you've described is against the rules, even if the overall amount added is within the limit.
http://www.hmrc.gov.uk/isa/faqs.htm#8
just a minor correction - you can subscribe to as many ISAs in a year as you like within the cash limits, as long as only one is open at one time.
i.e. you can open, subscribe, open another one, transfer the first, then subscribe to the second.0
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