Can I open 2 cash ISAs?

Archi_Bald

Answers given assume the son is over 16 and doesn't have a JISA. If he is less than 16, things will be different, and if he is between 16 and 18, things will be slightly different again.

Archi_Bald

macrae2100 wrote: »

Most ISA's will require you to pay something in when opening it.

That "something" can come from transfer money if transfers-in are offered.

Archi_Bald

Simsybloke wrote: »

The other considerations, whether, and if so how much, has been paid in this year, can be considered separately.

absolutely not, it is essential information

soulsaver

bryanb wrote: »

You can only deposit new money into one cash ISA in any one tax year- simples

It's not quite 'simples' I'm afraid, because you can pay 'new money' into two different Isas in the same year.. if it's with the same provider.

It's a dogs dinner.

You can also transfer cash out to a s& s ISA...
Should you decide to, must you transfer it back to the ISA you took it from?


And note OPs summary said 'transfers in', that's transfers in from a previous tax years ISA.. not from anywhere else.


And finally from me, my understanding is you can (HMRC) close an existing tax years cash ISA and transfer it to an alternative as long as the providers allow it.

CLAPTON

bryanb wrote: »

You can only deposit new money into one cash ISA in any one tax year- simples

well no


you can put new money (say 5k) in ISA A with bank A; then you can transfer this ISA in to a new ISA B with bank B
then you can add new money to ISA B(up to 10k)


all in the same tax year.

Simsybloke

Thank you all...

I really muddied the water with my original post.

I should have simply asked 2 questions...

Is it permissable to open 2 Cash ISAs in one tax year?
Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year?

Both of those questions have yes/no answers.
Neither of those yes/no answers requires any other information about what, if anything has been paid in this year

The other information that's been forthcoming has been useful. Thanks all, and apologies once again. I sense I've caused some offence by my manner. Please be assured that was not my intention!

Regards,

Matt

Lokolo

Is it permissable to open 2 Cash ISAs in one tax year? Yes
Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year? If nothing has been paid into the transferred into ISA this tax year, then no. This does matter though and it completely relevant.

If I had not asked this question and it had been the case that your son has deposited money into the ISA, then opened up another ISA and put money into this one, he would be recieving a very blunt letter from HMRC next year.

I suspect you would have come straight back here to moan

Archi_Bald

Simsybloke wrote: »

Thank you all...

I really muddied the water with my original post.

I should have simply asked 2 questions...

Is it permissable to open 2 Cash ISAs in one tax year?
Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year?

Both of those questions have yes/no answers.

well no, they do not have simple yes/no answers. Also "opening" an ISA is quite meaningless, really.

Simsybloke wrote: »

Neither of those yes/no answers requires any other information about what, if anything has been paid in this year

if you are so sure, despite several people explaining why it is relevant, why did you ask in the first place?

Sadly it is obvious that you do not understand the ISA rules, and that you don't want to have them explained to yourself.

Simsybloke

The question;
"Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year?" ...

does only have a yes/no answer. I worded that very carefully... "of itself" was included in the question.


You're correct... I don't understand all of the ISA rules. I was trying to get to the bottom of them bit by bit. However, if the answer to my question, "Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year?" is "Yes", then I need go no further. If the answer was "No" then I do need to delve deeper.

Again, my apologies for not being clear.

Regards,

Matt

Archi_Bald

Lokolo wrote: »

Does opening a Cash ISA with ONLY a transfer in, of itself, disallow paying cash into another Cash ISA in the same tax year? If nothing has been paid into the transferred into ISA this tax year, then no.

Actually, this is not necessarily true.

If your cash ISA transfer included this year's deposit, you must not pay cash into another cash ISA in the same year.

It would be ever so helpful if the OP actually provided all the facts (incl whether son is below 18, whether a JISA is involved, and also whether the son has any S&S ISA). Then we wouldn't have to reproduce the entire ISA regulations with all their ifs and buts here and could just give the OP a straight forward and unambiguous answer.