One ISA Per Year Rule

colsten

I have no idea why the rules are what they are, and frankly I don't have any problem with them as they are. If they trouble you, you should ask the HMRC or the lawmakers.

Atreyu107

colsten wrote: »

I have no idea why the rules are what they are, and frankly I don't have any problem with them as they are. If they trouble you, you should ask the HMRC or the lawmakers.

Thank you Colsten, I may very well do.

The aim of this thread was to establish if there was some kind of economic or revenue-related justification which I had somehow missed.

It seems 'rules is rules, them's the breaks"'.

Archi_Bald

Atreyu107 wrote: »

If, indeed, you're correct

You can read up about ISAs yourself:
https://www.gov.uk/individual-savings-accounts/overview
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/459781/isa-guidance-notes.pdf

I doubt anyone would give changes to the ISA subscription rules any priority.

droopsnoot

Archi_Bald wrote: »

It should be easy enough for individuals to know how much they deposited into which ISA, particularly if there's only max 1 cash and 1 S&S ISA each year to make deposits into.

You'd think, but hardly a week goes by without someone posting on here about how they've over-subscribed their ISA and why didn't someone stop them.

Eco_Miser

Atreyu107 wrote: »

So the 'HMRC analysis programs' are advanced enough to figure out if you've exceed the subscription limit when paying into a single account, but not nearly advanced enough to be able to add up the amounts paid into multiple accounts to see if that subscription is exceed?

I'm sure it does that too, but it's all done as a batch process at the end of the year, not updating a live database throughout the year. The first is easier and cheaper to implement.