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Keeping ISA records - advice please

Kemu
Posts: 15 Forumite

I understand the annual ISA allowance. I understand that old ISAs can keep going and you get a new allowance each year. I’m sure it is my responsibility to keep track, especially if I have ISAs with different providers - but is there someone/somewhere that keeps track of me ( and any mistakes)? Am I obliged to record them with/ to anyone? I really can’t find this question asked or answered anywhere, so I’d be obliged for some pointers.
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Comments
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Most providers show a widget "remaining allowance" in online banking but this only shows usage for that provider. e.g. if I pay £4k into my LISA held with Bank A then Bank B will still show "£20k allowance remaining" even though I only have £16k remaining. ISA Managers (aka banks) report details to HMRC with your NI Number of your ISA usage. Unfortunately you can't log into HMRC and see this.This means to use your limits effectively will need to keep track of
- between all types of accounts making sure that "new subscriptions" do not exceed the annual allowance of £20k
- only having "new subscriptions" with one account of each type (Cash, S&S, Lifetime, HTB, Innovative Finance) in the current tax year
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A spreadsheet should suffice for this, even if you are making flexible withdrawals and replacement subscriptions from multiple ISAs each tax year it is not going to be a massive burden. As someone says, you can audit all of your ISAs to make sure you haven't slipped up. How many different ISAs are you paying into and making withdrawals from each tax year?
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So to answer your question,
No one keeps track of your ISA annual allowance.
It is your responsibility to make sure you do not breach the limit.
As suggested above, if your contributions are close to 20k, it is a good idea to have a spreadsheet of all accounts.1 -
zemarcopolo said:So to answer your question,
No one keeps track of your ISA annual allowance.1 -
Kemu said:I understand the annual ISA allowance. I understand that old ISAs can keep going and you get a new allowance each year. I’m sure it is my responsibility to keep track, especially if I have ISAs with different providers - but is there someone/somewhere that keeps track of me ( and any mistakes)? Am I obliged to record them with/ to anyone? I really can’t find this question asked or answered anywhere, so I’d be obliged for some pointers.1
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Kemu said:but is there someone/somewhere that keeps track of me ( and any mistakes)?2
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Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.0
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Kemu said:Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.
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masonic said:Kemu said:Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.0
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Kemu said:masonic said:Kemu said:Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.
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