CURR YRS SUBS RMVD

hellome123456789

Hi I had some money removed from my cash isa with the Halifax with this message. From what I can see online they will put it back in to my current account. Firstly how long could that take? Or should I report it as have not been told this was going to happen? 

eskbanker

Unless you have any inkling about why this has happened (e.g. depositing more than £20K), it sounds like you need to contact them to ask what's going on?

Alexland

Maybe it was a fixed rate ISA and the contributions were after the window where contributions would be accepted? Either way suggest you contact them they are most likely to return the money via the original contribution method whatever that was.

hellome123456789

Cheers both. Spoke to them and it is all sorted, money will be back in my account within 5 working days. 

eskbanker

hellome123456789 said:

Cheers both. Spoke to them and it is all sorted, money will be back in my account within 5 working days. 

Out of curiosity (and for the benefit of any future readers coming across this thread by searching for the specific phrase), why were the subscriptions being removed?

hellome123456789

eskbanker said:

hellome123456789 said:

Cheers both. Spoke to them and it is all sorted, money will be back in my account within 5 working days. 

Out of curiosity (and for the benefit of any future readers coming across this thread by searching for the specific phrase), why were the subscriptions being removed?

Because I had paid in to a cash isa and a help to buy isa last year and because a help to buy is classed as a cash isa they have now rejected one which is why the money was taken out. 

masonic

Your thread title says CURR YRS SUBS RMVD. I tried to translate that into English and came up with the idea that they had removed some or all of your current year subscriptions. This is something they would be entitled to do in some circumstances, for example if you had oversubscribed.

This year you are allowed to subscribe to a HTB ISA and another cash ISA. Though if your HTB ISA is also with Halifax, then they could restrict you from funding both as an internal rule.

For interventions involving a previous tax year, they shouldn't be doing anything without HMRC's instructions. It seems far too soon for HMRC to have identified anything was amiss last year.

If both ISAs are with Halifax and they've only just noticed you subscribed to both last year, then that's very poor of them. They should have noticed within the tax year and that would have given you the opportunity to use the allowance in a different type of ISA should you have wished to do so.

Alexland

Yes I would expect to see PREV YRS SUBS RMVD although if both ISAs were with Halifax and they don't offer Split Cash ISAs then I guess they might be entitled to remove a previous years ISA contribution if it breached their product terms without waiting for HMRC instruction.