iWeb - Left to subscribe in this tax year:

MaxiRobriguez

Hello,

Perhaps I'm being a dunce but my iWeb portal is saying I have £20k left to subscribe in this tax year....

... Despite putting in £19k on the 6th April last year.

I've just put in another £1k which should take me up to my annual limit but the portal is now saying I have £19k left to subscribe.

Any reason why that might be? If there's a legitimate reason for it I may choose to wing in some more but I've held off doing so as it feels like a fault on iWeb's side that if I tried to exploit would come back to bite me on the bottom.

underground99

Maybe you put your contribution in on Saturday 4 April 2020 by card and they treated it as a 2019/20 contribution even though they didn't show it on your account until Monday 6th?

But presumably you know when you paid it in. If you know you've already contributed £20k of new money into their ISA during the current tax year, then yes you can assume that putting any more in before 6/4/21 would come back to bite you when the records eventually get fixed.

If the £19k you put in was a transfer from another ISA then of course it doesn't count as a new subscription no matter when they get it. But if it was a contribution of new cash, it sounds like you've already had your £20k allowance for this year and gambling on them keeping bad records is not recommended. As it's an S&S ISA rather than a simple cash ISA it would be annoying to need to unwind the transactions and get the money back out of the investments when it catches up with you, particularly if they had fallen in value.

MaxiRobriguez

Genuinely can't remember if it was 6th April 2020 or 5th or 4th...

But the logs suggest it was 6th and previous deposits have shown within a few minutes so I would think it was the 6th.

Think I'll just wait until April 6th to pop some more money in.

happybagger

Following on from that, even if it showed in the account on 4 or 5th April, that is the contribution year, regardless of when the deposit was used for investment purposes

@MaxiRobriguez did you definitely make the deposit (ie "subscription") into iWeb on the 6th?

MaxiRobriguez

The 'additional subscription' shows as 6th April 2020.

I'm not sure if I initiated the transfer earlier and it only settled on the 6th, but I don't think so, pretty sure both transfer and settlement was on 6th. 

Alexland

Maybe check your email archive for the iWeb "Funding Confirmation" email date? That tends to be the same day as you start a contribution. I am a bit amazed you could lose track of if you contributed to your ISA this tax year. I am more likely to forget my family's names.

grumiofoundation

I am a bit amazed you could lose track of if you contributed to your ISA this tax year. I am more likely to forget my family's names.

Haha! 

Of the two I am sure I know which one my wife would be more annoyed at! 

MaxiRobriguez

Alexland said:

Maybe check your email archive for the iWeb "Funding Confirmation" email date? That tends to be the same day as you start a contribution. I am a bit amazed you could lose track of if you contributed to your ISA this tax year. I am more likely to forget my family's names.

That was a sensible suggestion.

Yep, 4th April 2020. Silly me.

Alexland

grumiofoundation said:

Of the two I am sure I know which one my wife would be more annoyed at! 

Yeah my wife, whatever she is called, is always nagging me to use my ISA allowance.

MaxiRobriguez said:

That was a sensible suggestion.

Money in the usual place please.

Thrugelmir

MaxiRobriguez said:

Alexland said:

Maybe check your email archive for the iWeb "Funding Confirmation" email date? That tends to be the same day as you start a contribution. I am a bit amazed you could lose track of if you contributed to your ISA this tax year. I am more likely to forget my family's names.

That was a sensible suggestion.

Yep, 4th April 2020. Silly me.

Did you oversubscribe in the 2019/20 tax year?