how the heck do i find this out

MINKATHECAT

i have moved my isa into 2 new isas for safety reasons to 2 other suppliers of isas near to home
MY DELEMA is how much can i pay in this year ,since i split them one is saying i can still pay in 20k the other tells me ,well i cant find a box that tells me.........so anywhere to find out without the tax man phone call?

molerat

You can contribute £20K into an ISA in a tax year.  Which tax year/s did you contribute to the ISA you moved ?  Did you transfer the ISA correctly by asking the new providers to draw the money from it or did you withdraw it and pay it in yourself ?

refluxer

MINKATHECAT said:

i have moved my isa into 2 new isas for safety reasons to 2 other suppliers of isas near to home
MY DELEMA is how much can i pay in this year ,since i split them one is saying i can still pay in 20k the other tells me ,well i cant find a box that tells me.........so anywhere to find out without the tax man phone call?

In your case, you can't use a bank's 'remaining ISA allowance' information, as this information is not shared between different banks. If one says you have £20,000 remaining, that simply means you haven't paid any new subscriptions into that particular bank's ISA this tax year and it does not necessarily mean you have £20,000 remaining from your allowance.

The first thing you need to do is to add up how much you've paid into ISAs since 6th April this year and deducting that figure from £20,000 will give you your remaining allowance.

If you had paid into your original ISA since 6th April this year, then you will have needed to ensure that those subscriptions stay together in one of the new ISAs in order not to break current ISA rules and this will be the only ISA you can continue to pay new subscriptions into for the rest of the tax year, if you have any of your allowance left.

Albermarle

.so anywhere to find out without the tax man phone call?

This forum is probably one of the best places to find out about ISA's so you have come to the right place .

DavidAC

If you have split a previous years ISA you can add to one of them this tax year if you have not contributed to any other ISA this tax year. If you have split an ISA you have paid into this tax year you have broken the rules. You are only allowed to transfer the whole balance of an ISA you have paid into in the current tax year.

eskbanker

DavidAC said:

If you have split an ISA you have paid into this tax year you have broken the rules. You are only allowed to transfer the whole balance of an ISA you have paid into in the current tax year.

No, the rule is that all current year money must be kept together in the same ISA, i.e. if an ISA has both current and prior year money, it can be split....

MINKATHECAT

DavidAC said:

If you have split a previous years ISA you can add to one of them this tax year if you have not contributed to any other ISA this tax year. If you have split an ISA you have paid into this tax year you have broken the rules. You are only allowed to transfer the whole balance of an ISA you have paid into in the current tax year.

so even if i had paid a 30 pounds into my isa i have to transfer it all to one provider and cant give it to 2 providers just in case the bank goes bust? dave i havent taken money out its been in the isa a long time.

eskbanker

MINKATHECAT said:

DavidAC said:

If you have split a previous years ISA you can add to one of them this tax year if you have not contributed to any other ISA this tax year. If you have split an ISA you have paid into this tax year you have broken the rules. You are only allowed to transfer the whole balance of an ISA you have paid into in the current tax year.

so even if i had paid a 30 pounds into my isa i have to transfer it all to one provider and cant give it to 2 providers just in case the bank goes bust? dave i havent taken money out its been in the isa a long time.

Not sure why you've apparently taken that poster's assertion as fact while ignoring my correction, but it should be possible to advise you in more detail if you clarify the split between old and new (current tax year) money in your previous ISA and how you've split that across the two new ones.

masonic

ISA providers will not permit you to break the rules when they transfer an ISA for you, so you can start from the assumption that what was done was valid. If one of the two providers is showing that you can pay in less than £20k, then that is the provider you must use for any further deposits, because it is already holding current year money. If both providers are showing £20k allowance remaining and you don't have any other cash ISAs, that means you haven't paid anything in so far this tax year, so you can use either (but not both), or open and contribute to a third cash ISA if you wish.

You should be able to find out from the second provider how much you can pay in, either by going through the motions of making a deposit, or contacting them and asking. Ultimately, if the first one is showing £20k, you should be safe to pay into the second either way, given what you have told us. 

From 6th April, these restrictions are going away and you can distribute money between multiple cash ISAs, but you will need to keep track of the total you have contributed to avoid going over the limit.

MINKATHECAT

masonic said:

ISA providers will not permit you to break the rules when they transfer an ISA for you, so you can start from the assumption that what was done was valid. If one of the two providers is showing that you can pay in less than £20k, then that is the provider you must use for any further deposits, because it is already holding current year money. If both providers are showing £20k allowance remaining and you don't have any other cash ISAs, that means you haven't paid anything in so far this tax year, so you can use either (but not both), or open and contribute to a third cash ISA if you wish.

You should be able to find out from the second provider how much you can pay in, either by going through the motions of making a deposit, or contacting them and asking. Ultimately, if the first one is showing £20k, you should be safe to pay into the second either way, given what you have told us. 

From 6th April, these restrictions are going away and you can distribute money between multiple cash ISAs, but you will need to keep track of the total you have contributed to avoid going over the limit.

HA so from 6th of April i can put 10k in one isa AND 10K in the other? makink a total of 20k ? if i read this right

MINKATHECAT

masonic said:

ISA providers will not permit you to break the rules when they transfer an ISA for you, so you can start from the assumption that what was done was valid. If one of the two providers is showing that you can pay in less than £20k, then that is the provider you must use for any further deposits, because it is already holding current year money. If both providers are showing £20k allowance remaining and you don't have any other cash ISAs, that means you haven't paid anything in so far this tax year, so you can use either (but not both), or open and contribute to a third cash ISA if you wish.

You should be able to find out from the second provider how much you can pay in, either by going through the motions of making a deposit, or contacting them and asking. Ultimately, if the first one is showing £20k, you should be safe to pay into the second either way, given what you have told us. 

From 6th April, these restrictions are going away and you can distribute money between multiple cash ISAs, but you will need to keep track of the total you have contributed to avoid going over the limit.

so from 6th of April i can put say 10k in one and 10k in the other your saying. to make 20 k allowance