how the heck do i find this out

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Comments

  • masonic
    masonic Posts: 23,229 Forumite
    Photogenic Name Dropper First Post First Anniversary
    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

    Correct.         
  • HA and no HA, that is correct.
    Reed
  • bigbars
    bigbars Posts: 81 Forumite
    First Post
    So just to help you out here, What i found out in my own scenario, is that ISA providers do not talk to each other about your ISA allocations, allowances etc. so their platforms just show the basic info relating to them and your account with them, as that is their sole responsibility. Guess they couldn't for data protection, confidentiality ,maybe.

    So for example, Bank A will show a max isa allowance for the current tax year, 20k or whatever it is and what is remaining just within the parameters of the Bank A ISA. Bank B will show a max allowance of 20K regardless of how much you have in either bank as they have no way of knowing what sums you have with other providers. its just the way the platforms are designed so the onus is on yourself to keep your ISA within the annual allowance or the tax man will come a knocking when they get instructions on your deposits from the providers and realise if you have breached it. 

    It fooled me as when I opened a new ISA and saw the total available for this year being the full amount even though i knew I had made a deposit. 

    Hope that helps.
  • bigbars said:
    So just to help you out here, What i found out in my own scenario, is that ISA providers do not talk to each other about your ISA allocations, allowances etc. so their platforms just show the basic info relating to them and your account with them, as that is their sole responsibility. Guess they couldn't for data protection, confidentiality ,maybe.

    So for example, Bank A will show a max isa allowance for the current tax year, 20k or whatever it is and what is remaining just within the parameters of the Bank A ISA. Bank B will show a max allowance of 20K regardless of how much you have in either bank as they have no way of knowing what sums you have with other providers. its just the way the platforms are designed so the onus is on yourself to keep your ISA within the annual allowance or the tax man will come a knocking when they get instructions on your deposits from the providers and realise if you have breached it. 

    It fooled me as when I opened a new ISA and saw the total available for this year being the full amount even though i knew I had made a deposit. 

    Hope that helps.
    THANKS FOR THAT BIGBARS your so correct that's where i went wrong lol well i am 73.lol  Lets look at another thing.
    So on martins web site it says.... WITH TRANSFERS OF PREVIOUSE  ISAs YOU CAN SPLIT THE CASH BETWEEN DIFFERENT ISAs ..... Does this mean for example if i had say 100k from previous tax year 2022. And I've put money in of 20 k for this 2023 tax year ..... Because I had previous money in of 100k for other tax years i could move money across from this say 30k to another isa i already have splitting it off. That how I'm taking his statement because you already had 100k from previous tax year.
  • masonic
    masonic Posts: 23,229 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 16 December 2023 at 10:09AM
    bigbars said:
    So just to help you out here, What i found out in my own scenario, is that ISA providers do not talk to each other about your ISA allocations, allowances etc. so their platforms just show the basic info relating to them and your account with them, as that is their sole responsibility. Guess they couldn't for data protection, confidentiality ,maybe.

    So for example, Bank A will show a max isa allowance for the current tax year, 20k or whatever it is and what is remaining just within the parameters of the Bank A ISA. Bank B will show a max allowance of 20K regardless of how much you have in either bank as they have no way of knowing what sums you have with other providers. its just the way the platforms are designed so the onus is on yourself to keep your ISA within the annual allowance or the tax man will come a knocking when they get instructions on your deposits from the providers and realise if you have breached it. 

    It fooled me as when I opened a new ISA and saw the total available for this year being the full amount even though i knew I had made a deposit. 

    Hope that helps.
    THANKS FOR THAT BIGBARS your so correct that's where i went wrong lol well i am 73.lol  Lets look at another thing.
    So on martins web site it says.... WITH TRANSFERS OF PREVIOUSE  ISAs YOU CAN SPLIT THE CASH BETWEEN DIFFERENT ISAs ..... Does this mean for example if i had say 100k from previous tax year 2022. And I've put money in of 20 k for this 2023 tax year ..... Because I had previous money in of 100k for other tax years i could move money across from this say 30k to another isa i already have splitting it off. That how I'm taking his statement because you already had 100k from previous tax year.
    Yes, this is something you only need to remember for the next few months, but it's only money contributed in the current tax year that has any restrictions on being split up. Since most people are looking to split large ISAs accumulated over multiple years, it is usually not an impediment, as you can split off some of the previous year money. After the start of the next tax year in April, there will be no need to differentiate between transfers of money contributed in the current year and older money as it will all be treated the same.
  • masonic said:
    bigbars said:
    So just to help you out here, What i found out in my own scenario, is that ISA providers do not talk to each other about your ISA allocations, allowances etc. so their platforms just show the basic info relating to them and your account with them, as that is their sole responsibility. Guess they couldn't for data protection, confidentiality ,maybe.

    So for example, Bank A will show a max isa allowance for the current tax year, 20k or whatever it is and what is remaining just within the parameters of the Bank A ISA. Bank B will show a max allowance of 20K regardless of how much you have in either bank as they have no way of knowing what sums you have with other providers. its just the way the platforms are designed so the onus is on yourself to keep your ISA within the annual allowance or the tax man will come a knocking when they get instructions on your deposits from the providers and realise if you have breached it. 

    It fooled me as when I opened a new ISA and saw the total available for this year being the full amount even though i knew I had made a deposit. 

    Hope that helps.
    THANKS FOR THAT BIGBARS your so correct that's where i went wrong lol well i am 73.lol  Lets look at another thing.
    So on martins web site it says.... WITH TRANSFERS OF PREVIOUSE  ISAs YOU CAN SPLIT THE CASH BETWEEN DIFFERENT ISAs ..... Does this mean for example if i had say 100k from previous tax year 2022. And I've put money in of 20 k for this 2023 tax year ..... Because I had previous money in of 100k for other tax years i could move money across from this say 30k to another isa i already have splitting it off. That how I'm taking his statement because you already had 100k from previous tax year.
    Yes, this is something you only need to remember for the next few months, but it's only money contributed in the current tax year that has any restrictions on being split up. Since most people are looking to split large ISAs accumulated over multiple years, it is usually not an impediment, as you can split off some of the previous year money. After the start of the next tax year in April, there will be no need to differentiate between transfers of money contributed in the current year and older money as it will all be treated the same.
    thought thats what it meant old tax years can split out this tax year you cant so you could move all other money exept your 20k for this tax year unless you move it in FULL.  THANKS
  • Kim_13
    Kim_13 Posts: 2,387 Forumite
    Name Dropper First Anniversary First Post Photogenic
    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
    From 6th April 2024 that will be permitted.

    85K per institution is protected in the event of an institution going bust, so there is no safety issue posed by only being allowed to pay into one Cash ISA per tax year at the moment. If one had an ISA in excess of 85K, they would simply transfer out a portion of prior year subscriptions to stay under the protection limit in all institutions.
  • masonic said:
    bigbars said:
    So just to help you out here, What i found out in my own scenario, is that ISA providers do not talk to each other about your ISA allocations, allowances etc. so their platforms just show the basic info relating to them and your account with them, as that is their sole responsibility. Guess they couldn't for data protection, confidentiality ,maybe.

    So for example, Bank A will show a max isa allowance for the current tax year, 20k or whatever it is and what is remaining just within the parameters of the Bank A ISA. Bank B will show a max allowance of 20K regardless of how much you have in either bank as they have no way of knowing what sums you have with other providers. its just the way the platforms are designed so the onus is on yourself to keep your ISA within the annual allowance or the tax man will come a knocking when they get instructions on your deposits from the providers and realise if you have breached it. 

    It fooled me as when I opened a new ISA and saw the total available for this year being the full amount even though i knew I had made a deposit. 

    Hope that helps.
    THANKS FOR THAT BIGBARS your so correct that's where i went wrong lol well i am 73.lol  Lets look at another thing.
    So on martins web site it says.... WITH TRANSFERS OF PREVIOUSE  ISAs YOU CAN SPLIT THE CASH BETWEEN DIFFERENT ISAs ..... Does this mean for example if i had say 100k from previous tax year 2022. And I've put money in of 20 k for this 2023 tax year ..... Because I had previous money in of 100k for other tax years i could move money across from this say 30k to another isa i already have splitting it off. That how I'm taking his statement because you already had 100k from previous tax year.
    Yes, this is something you only need to remember for the next few months, but it's only money contributed in the current tax year that has any restrictions on being split up. Since most people are looking to split large ISAs accumulated over multiple years, it is usually not an impediment, as you can split off some of the previous year money. After the start of the next tax year in April, there will be no need to differentiate between transfers of money contributed in the current year and older money as it will all be treated the same.
    THANKS THATS MADE IT VERRY CLEAR TO ME REGARDS JOHN
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