More than one ISA?

le_loup

Sometimes you wonder what we are doing here.

Lith

lol yea...

jrm

Whilst technically you can only open 1 ISA in any ISA tax year. It depends how brazen you want to be. Three years ago I open 2 ISA's within the ISA year ( 1 at the start and 1 at at end ) and to date have heard nothing from HMRC on the matter. Naughty I know

rb10

jrm wrote: »

Whilst technically you can only open 1 ISA in any ISA tax year. It depends how brazen you want to be. Three years ago I open 2 ISA's within the ISA year ( 1 at the start and 1 at at end ) and to date have heard nothing from HMRC on the matter. Naughty I know

No, you can only subscribe to one ISA in any tax year.

You can open as many as you like.

Gromitt

rb10 wrote: »

You can open as many as you like.

Whilst correct, I did have fun with Halifax over that. Opened a 3 year ISA with them and eventually decided against it and opened another elsewhere. Tried to close the Halifax one and they refused saying it wasn't possible, and then that they would have to charge me 270 days loss of interest. I tried to get through to them that 270 days interest on £0 would be £0, but they kept saying I would have to go into a branch to close it and agree to pay the closure fee. Its still on my account list with a NIL balance.

jakesuk

rb10 wrote: »

No, you can only subscribe to one ISA in any tax year.

You can open as many as you like.

Correct me if I'm wrong but you can actually pay cash into 2 (or more) ISAs during any given tax year in the specific case where you first pay money into Cash ISA A, then close cash ISA A and transfer the money from cash ISA A to cash ISA B, then you are permitted to subsequently pay money into cash ISA B during the same tax year...

Perhaps this falls within the definition of subscribing to "1 ISA" but that doesn't change the fact that you would be paying cash into two accounts with different providers during the same tax year.

rb10

jakesuk wrote: »

Correct me if I'm wrong but you can actually pay cash into 2 (or more) ISAs during any given tax year in the specific case where you first pay money into Cash ISA A, then close cash ISA A and transfer the money from cash ISA A to cash ISA B, then you are permitted to subsequently pay money into cash ISA B during the same tax year...

Perhaps this falls within the definition of subscribing to "1 ISA" but that doesn't change the fact that you would be paying cash into two accounts with different providers during the same tax year.

You are correct, it's just a terminology thing.

Technically, when you transfer your ISA to Bank B, it's still the same ISA (just managed by a different bank). This is why you can still pay cash into it. So you are still only subscribing to the one ISA during that tax year, it's just sitting in a different place.