ISA Declaration

RG2015

I have just opened a Virgin Money Cash ISA and have received their declaration form to complete. This includes the following.

I declare that:

.......• I have not subscribed and will not subscribe to another Cash ISA in the same year that I subscribe to this Cash ISA.

However, I am not planning to subscribe to this ISA until after 5th April 2024 and I will almost certainly subscribe to another cash ISA in the same year.

Hence by signing the declaration I will be lying to Virgin Money on an official form.

Not sure what to do next,

dunstonh

No-one takes any notice of these and they become obsolete in the new tax year.  As long as you don't break the contribution rules, no-one will care what you have signed.

35har1old

RG2015 said:

I have just opened a Virgin Money Cash ISA and have received their declaration form to complete. This includes the following.

I declare that:

.......• I have not subscribed and will not subscribe to another Cash ISA in the same year that I subscribe to this Cash ISA.

However, I am not planning to subscribe to this ISA until after 5th April 2024 and I will almost certainly subscribe to another cash ISA in the same year.

Hence by signing the declaration I will be lying to Virgin Money on an official form.

Not sure what to do next,

If that's the case next year you will be able to subscribe to as many ISA as you want  upto the limit and these declarations will be redundant they are assuming that your are making a deposit this year.

masonic

You are not lying. You will not subscribe to a second cash ISA while this restriction remains in force. If the rules do not change, then I'm sure you will change your plans and abide by the rules. If they do change then the declaration will not override your statutory rights.

RG2015

masonic said:

You are not lying. You will not subscribe to a second cash ISA while this restriction remains in force. If the rules do not change, then I'm sure you will change your plans and abide by the rules. If they do change then the declaration will not override your statutory rights.

I think the statutory rights view does give me protection for my conscience.

I can put my disappearing ink back in the bottle. 

It reminds me of a view of unreasonable terms and conditions that I learned many years ago. This doesn't always work but usually allows natural justice to override unfair, unintended or unreasonable Ts & Cs.

ColdIron

As others have said the introduction of multiple ISAs of the same type makes it obsolete. In addition you had to declare the same if you had an existing ISA that you had not subscribed to for a year or more, that's going too

kipsterno1

I have done exactly the same thing. The account is sat there waiting for a transfer in on 6th April so doesn't breach the rules. There is a line in the t&C's that says if you haven't funded it in the current year a new declaration with need to be signed before depositing in the following year. As others have said I hope this won't be necessary due to the upcoming changes,

RG2015

kipsterno1 said:

I have done exactly the same thing. The account is sat there waiting for a transfer in on 6th April so doesn't breach the rules. There is a line in the t&C's that says if you haven't funded it in the current year a new declaration with need to be signed before depositing in the following year. As others have said I hope this won't be necessary due to the upcoming changes,

I can see this term for the easy access cash isa exclusive but not for the fixed rate cash isa exclusive.

•If you don’t pay in any money into your Easy Access Cash ISA Exclusive in a tax year, your ISA Declaration will expire. Don’t worry, you’ll just need to sign and return to us a new ISA Declaration before you can pay in any more money. We’ll let you know if and when you need to do this.

• You can only pay into one Cash ISA in a tax year.

I agree the second statement will become obsolete but do not see any restiction when funding the fixed ISA.

MACKEM99

I rang aldermore last week to ask if I could open a fixed rate isa before tax year ends but not fund it till 6 April or after as I have used my allowance for current year, was told yes no problem.  Said I was away 3 to 7 April was advised to open it 2 Apr then giving me time to get funds sorted on return on 8 april or few days after that.  Went to open one today and 2 boxes either yes I have opened one this year or no.  I clicked yes I had opened one this year, at which point system told me I could only transfer funds from other ISAs.  So after 30 min waiting on the phone explained this.  First of all they said I was too late.  I pointed out cut off date is 2 p m tomorrow 3 April ..she went away and come back and said yes you are correct. Then said I should tick box saying I had not opened one this tax year as long as I don't fund this one till after 6 April. I said we'll that's not what it says, to be told that's what it means!

MACKEM99

Follow up - opened fixed rate isa today with aldermore 1 yr 5%.  All the way through refers to 23/24 tax year.  Kept going then at the end once opened says any money put in after 6 April (think they mean on or after 6 April) will count as 24/25 tax year funding.  All poorly worded some may be put off but adding my experience here as may help others.

M99

Ocelot

MACKEM99 said:

Follow up - opened fixed rate isa today with aldermore 1 yr 5%.  All the way through refers to 23/24 tax year.  Kept going then at the end once opened says any money put in after 6 April (think they mean on or after 6 April) will count as 24/25 tax year funding.  All poorly worded some may be put off but adding my experience here as may help others.

M99

I opened one too a few days ago for next tax year.

On this thread I pointed out this paradox, which confused me too at first:

https://forums.moneysavingexpert.com/discussion/6517495/buying-a-2024-cash-isa/p1

When you open an ISA it often asks if you have already funded an ISA in the current tax year. If you tell the truth it only allows you to fund one by transferring in, so to open one for the next year you have to say 'no' the the question, even though you have, because you intend to fund it in the next tax year.