ISA subscriptions

RG2015

Do banks and building societies inform HMRC of customers’ ISA subscriptions?

If not, how is the £20,000 annual limit policed?

The reason I ask is that I have several flexible cash ISAs, including a Flexible Zopa Smart ISA. I have been using the Zopa ISA regularly and it has multiple deposits and withdrawals over 2 tax years.

It is hard enough for me to ascertain my total subscription for each year, so how would HMRC get this information?

Dazed_and_C0nfused

Some info here,

https://www.gov.uk/guidance/returns-of-information-for-isa-managers

And here,

https://library.croneri.co.uk/cch_uk/btr/318-300

RG2015

Thanks  @Dazed_and_C0nfused.

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

During a conversation, several Virgin Money customer services had no understanding of the difference between subscribing and replacing money in a Flexible ISA.

Zopa very helpfully show online the remaining ISA allowance, but have incorrectly categorised brought forward interest.

Has anyone else with the Zopa Smart Saver seen this error.

flaneurs_lobster

RG2015 said:

During a conversation, several Virgin Money customer services had no understanding of the difference between subscribing and replacing money in a Flexible ISA.

Not surprised, in August of last year I had a vigorous discussion in-store at Virgin Money with a rep who insisted that only one ISA could be funded in this financial year. 

eskbanker

RG2015 said:

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

Unless it's me who's misunderstanding, 'ISA provider' and 'ISA manager' are effectively synonymous, rather than being different roles as such!

RG2015

eskbanker said:

RG2015 said: HMRC 

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

Unless it's me who's misunderstanding, 'ISA provider' and 'ISA manager' are effectively synonymous, rather than being different roles as such!

Yes, but.....

Banks provide savings accounts but are not referred to as Savings Account Managers.

ISA Manager is a very specific term that implies an extra responsibilty for the provider.

I see your point but I do see the two as being distinct. Synonymous means similar but not the same.

eskbanker

RG2015 said:

eskbanker said:

RG2015 said: HMRC 

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

Unless it's me who's misunderstanding, 'ISA provider' and 'ISA manager' are effectively synonymous, rather than being different roles as such!

Yes, but.....

Banks provide savings accounts but are not referred to as Savings Account Managers.

ISA Manager is a very specific term that implies an extra responsibilty for the provider.

I see your point but I do see the two as being distinct. Synonymous means similar but not the same.

Exactly what extra responsibility do you believe differentiates the terms, in the context of ISAs?

The savings account analogy doesn't really fit, in that ISAs are specified by dedicated legislation, with associated requirements for defined terms, etc, so 'ISA manager' (actually 'account manager') is simply the term used in the legislation for what will be referred to as a 'provider' in more vernacular terms....

RG2015

eskbanker said:

RG2015 said:

eskbanker said:

RG2015 said: HMRC 

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

Unless it's me who's misunderstanding, 'ISA provider' and 'ISA manager' are effectively synonymous, rather than being different roles as such!

Yes, but.....

Banks provide savings accounts but are not referred to as Savings Account Managers.

ISA Manager is a very specific term that implies an extra responsibilty for the provider.

I see your point but I do see the two as being distinct. Synonymous means similar but not the same.

Exactly what extra responsibility do you believe differentiates the terms, in the context of ISAs?

The savings account analogy doesn't really fit, in that ISAs are specified by dedicated legislation, with associated requirements for defined terms, etc, so 'ISA manager' (actually 'account manager') is simply the term used in the legislation for what will be referred to as a 'provider' in more vernacular terms....

Well, for one, the whole point of my thread, they need to report all subscriptions to HMRC.

Thanks to D&C for the links confirming this.

Submitting returns of information for ISA managers

What you must report on your return

You must report details of all ISAs and Junior ISAs you managed during the return period, including:

• ISAs opened with funds transferred from a matured Child Trust Fund (CTF) account when no instructions were given by the account holder when they reach age 18
• ISAs transferred in
• all current year subscriptions made to you for partial transfer in, where current year subscription information has been provided by the previous manager
• all current year subscriptions made to you for partial transfer out — you will not need to report these if you have no remaining current year subscriptions and have given current year subscription information to a new manager
• ISAs that have been closed

eskbanker

RG2015 said:

eskbanker said:

RG2015 said:

eskbanker said:

RG2015 said: HMRC 

I had forgotten that ISA providers were also ISA Managers. I hope that when fulfilling this role that they are better informed that their agents and ISA systems.

Unless it's me who's misunderstanding, 'ISA provider' and 'ISA manager' are effectively synonymous, rather than being different roles as such!

Yes, but.....

Banks provide savings accounts but are not referred to as Savings Account Managers.

ISA Manager is a very specific term that implies an extra responsibilty for the provider.

I see your point but I do see the two as being distinct. Synonymous means similar but not the same.

Exactly what extra responsibility do you believe differentiates the terms, in the context of ISAs?

The savings account analogy doesn't really fit, in that ISAs are specified by dedicated legislation, with associated requirements for defined terms, etc, so 'ISA manager' (actually 'account manager') is simply the term used in the legislation for what will be referred to as a 'provider' in more vernacular terms....

Well, for one, the whole point of my thread, they need to report all subscriptions to HMRC.

Thanks to D&C for the links confirming this.

Submitting returns of information for ISA managers

What you must report on your return

You must report details of all ISAs and Junior ISAs you managed during the return period, including:

• ISAs opened with funds transferred from a matured Child Trust Fund (CTF) account when no instructions were given by the account holder when they reach age 18
• ISAs transferred in
• all current year subscriptions made to you for partial transfer in, where current year subscription information has been provided by the previous manager
• all current year subscriptions made to you for partial transfer out — you will not need to report these if you have no remaining current year subscriptions and have given current year subscription information to a new manager
• ISAs that have been closed

I think we must be at cross purposes!  Nobody is disputing that an ISA provider/manager has more responsibilities than providers of other types of account, but I thought you were claiming a distinction between 'ISA provider' and 'ISA manager'?