'CURR YRS SUBS RMVD'?? Any Help

harrysudron

Hi, so I have a standing order going into a help to buy ISA on the 1st of every month. I have just noticed today that the £200 that had been transferred into this help to buy ISA from a my Instant ISA saver had been removed and placed back into the Instant ISA Saver with the message 'CURR YRS SUBS RMVD'. any idea what this means or why its happened? Any help appreciated. (HALIFAX bank)

Gustuph

Current years subscription removed?

eskbanker

Did you pay anything into the Instant ISA Saver in April?

harrysudron

yes i payed some money into the instant is a saver in April. what could this affect going forward?eskbanker said:

Did you pay anything into the Instant ISA Saver in April?

harrysudron

Gustuph said:

Current years subscription removed?

can you explain this a little bit more please

jonesMUFCforever

Have you put money into more than one cash ISA this tax year?

MDMD

Presumably you have paid into both the HTB ISA and the instant ISA since 6 April 2020. As Halifax don’t offer a “split” or “portfolio” ISA that allows you to pay into two cash ISAs in the same tax year they have reversed the HTB subscription.

eskbanker

harrysudron said:

yes i payed some money into the instant is a saver in April. what could this affect going forward?eskbanker said:

Did you pay anything into the Instant ISA Saver in April?

Assuming you paid into your Instant ISA Saver after the start of the 2020/21 tax year on 6th April, but before your 1st May monthly payment to your HTB ISA, that dictated that the Instant Saver one is now the only cash ISA that you can pay into during the rest of this tax year (up to 5 April 2021).  Therefore, when you tried to pay into your HTB ISA on 1 May, this was correctly rejected by Halifax as invalid - you can't now pay into the HTB ISA until the next tax year....

jonesMUFCforever

The OP might be able to rescue things but it might have to wait until they are fully staffed and open for business again. The ISA  department could debit any funds from the cash ISA and re start the HTB.

masonic

Providers are permitted to cancel a valid ISA subscription if it falls within the cooling off period for the account, but not in other circumstances. I believe the Instant ISA saver may be flexible, in which case everything subscribed in the current tax year above £200 could be flexibly withdrawn from the Instant ISA saver and the remaining £200 could be transferred to the HTB ISA, making the HTB ISA the cash ISA for the current year.

The ‘Investor error’ ISA self transfer clause could also be used to rescue this situation (in case the Instant ISA saver is not flexible). The difficulty is Halifax may not cooperate with this (and is obliged not to). So the HTB ISA may need to be transferred to a different provider in order for the OP to withdraw all the current year subscriptions from the Instant ISA saver and then resume monthly payments into the HTB ISA.