Confirmation of ISA tax declaration letter from Coventry BS

dosh37

I recently closed a Coventry BS cash ISA savings account (2022/2023 allowance) and transferred the funds into a new Coventry cash ISA paying a higher interest rate.

I subsequently received a Confirmation of ISA tax declaration letter from The Coventry.

It includes the following:-

I declare that:

I have applied to subscribe to a cash ISA for the tax year 2023/24 and each successive year until further notice

The above statement makes no sense to me.

I already have a separate cash ISA for 2023/24 with a different provider. The Coventry account relates to 2022/23 only. I have not applied to subscribe for each successive year.

The declaration letter appears to be derived from information published by HMRC:-

https://www.gov.uk/guidance/information-you-need-from-investors-when-they-apply-for-an-isa

Can anyone explain?

[Deleted User]

Hi,

dosh37 said:

I recently closed a Coventry BS cash ISA savings account (2022/2023 allowance) and transferred the funds into a new Coventry cash ISA paying a higher interest rate.

did you actually close the ISA then pay the funds into new ISA, or did you do an ISA to ISA transfer?

Newly_retired

I have had the same letter and it does not fit the circmstances of doing an ISA to ISA transfer.

refluxer

Yes, ISA declarations are always geared towards ISAs funded with subscriptions from the current tax year and never seem to apply properly (and are therefore potentially misleading) when doing a transfer.

As you've not actually 'subscribed' to it, then that part doesn't really apply and can (presumably) just be ignored. 

masonic

One of the features of the account is that it accepts new subscriptions. When you apply for an account, you apply for all of its features. You don't have to use all of them.

Rich2808

As I highlighted elsewhere does anyone know why the Coventry - when confirming an ISA transfer done online - feel the need to write a letter to you disclosing in full on the back

Your full name
Date of birth
NI number
Address
Full telephone numbers - home, mobile and work
Your full new account number - and your ISA transferred's account number with provider name

All sent second class standard post.  Rather lax with personal data one might suggest - when it absolutely not necessary to detail this all just to confirm you have asked for an ISA transfer to them online?!

Have they perhaps not heard of asterisks - to hide some of the data?

Beddie

Rich2808 said:

As I highlighted elsewhere does anyone know why the Coventry - when confirming an ISA transfer done online - feel the need to write a letter to you disclosing in full on the back

Your full name
Date of birth
NI number
Address
Full telephone numbers - home, mobile and work
Your full new account number - and your ISA transferred's account number with provider name

All sent second class standard post.  Rather lax with personal data one might suggest - when it absolutely not necessary to detail this all just to confirm you have asked for an ISA transfer to them online?!

Have they perhaps not heard of asterisks - to hide some of the data?

It's a valid point - why not ask CBS to stop doing it and see what they say? Share their response here please.

Rich2808

Beddie said:

Rich2808 said:

As I highlighted elsewhere does anyone know why the Coventry - when confirming an ISA transfer done online - feel the need to write a letter to you disclosing in full on the back

Your full name
Date of birth
NI number
Address
Full telephone numbers - home, mobile and work
Your full new account number - and your ISA transferred's account number with provider name

All sent second class standard post.  Rather lax with personal data one might suggest - when it absolutely not necessary to detail this all just to confirm you have asked for an ISA transfer to them online?!

Have they perhaps not heard of asterisks - to hide some of the data?

It's a valid point - why not ask CBS to stop doing it and see what they say? Share their response here please.

I last did a transfer in to CBS a couple of years ago - they did exactly the same thing. I did ring them to complain at the time  but looks like they haven't changed their approach.

Perhaps it is just my Coventry BS communications settings - but they do like sending out multiple letters when with most other providers one would do.

Albermarle

I have just opened a new ISA with Nationwide and have just received 3 pieces of paper in the post, with full details of me and the investment.

Rich2808

Albermarle said:

I have just opened a new ISA with Nationwide and have just received 3 pieces of paper in the post, with full details of me and the investment.

I have also opened NW ISAs - and I don't recollect the same level of info being put in a letter. I am not objecting to some data - name, address, A/C no is obvious. But every single piece of data?

Did NW print your full NI number, date of birth and your full home, work and mobile telephone number in the letters? Surprised CBS didn't also quote my employer name, job title, salary mother's maiden name, online password and inside leg measurement!