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ISA Question
Monsterstereyebrows
Posts: 13 Forumite
My wife opened a fixed rate isa funded it with 20,000 August 23. But the funds were returned to her bank because there was a problem with the account name. She decided not to do anything more and left money in the bank.
The ISA remains open but no funds in it or interest ever paid. Question is can she open another isa with different bank in the same tax year this time an easy access isa or does she need to wait until 6th April 2024? Thank you
The ISA remains open but no funds in it or interest ever paid. Question is can she open another isa with different bank in the same tax year this time an easy access isa or does she need to wait until 6th April 2024? Thank you
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Comments
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Answer: yes, she can open and fund an ISA before April wherever she wishes if there were no 2023/24 contributions that actually made it into any other ISA....Monsterstereyebrows said:The ISA remains open but no funds in it or interest ever paid. Question is can she open another isa with different bank in the same tax year this time an easy access isa or does she need to wait until 6th April 2024?0 -
I also find it difficult to understand ISA T&C's,I don't seem to be able to get a straight answer to a straight question from HMRC i.e.If I saved £20000 a year in a cash ISA for 5years that would be a total capital of £100000 would this be against the rules because I went over some total limit allowed?0
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That would be no problem. There are apparently ISA Millionaires .BRYNEL said:I also find it difficult to understand ISA T&C's,I don't seem to be able to get a straight answer to a straight question from HMRC i.e.If I saved £20000 a year in a cash ISA for 5years that would be a total capital of £100000 would this be against the rules because I went over some total limit allowed?0 -
If there was any such limit, it would be published, but the only financial limit is the £20K annual contribution allowance....BRYNEL said:I also find it difficult to understand ISA T&C's,I don't seem to be able to get a straight answer to a straight question from HMRC i.e.If I saved £20000 a year in a cash ISA for 5years that would be a total capital of £100000 would this be against the rules because I went over some total limit allowed?0
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