Transfer Cash ISAs Discussion Area

ukclarkkent

Baldur wrote: »

No you can only subscribe (i.e. pay new money into) ONE Cash ISA per tax year. See http://www.hmrc.gov.uk/leaflets/isa-factsheet.htm

You effectively don't have a Natwest ISA, as it is voided by the fact that you have already paid into the Icesave one this financial year.

Suggest that you contact the HMRC ISA helpline to see if they can advise you how best to proceed, as per the below quote from their ISA leaflet:


They are more likely to treat you leniently if you admit the mistake, rather than them discovering it in the ISA audit process.

darn it...well that seems to clear it up and i'm a dumbkopf.

thanks again for your great advice!
me

NeilM_2

Thanks Baldur, but just to be clear, can I ask:
Do you know for certain that there will be no exception made to the rules for ex Icesave ISA holders?
Does anyone know how Northern Rock ISA holders were treated?
Has anyone asked for and had a definitive answer from FSA or any other official source ?

Baldur

NeilM wrote: »

Do you know for certain that there will be no exception made to the rules for ex Icesave ISA holders?

No one appears to know anything 'for certain' about Icesave - AFAIK, the only statement with any authority is that made by the Treasury:

3. Arrangements are being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax-free status of their accounts.

Does anyone know how Northern Rock ISA holders were treated?

The only NR ISA holders given special dispensation were those who had withdrawn their ISA funds between specific dates, see HERE.

NeilM_2

Thanks for your reply. I have posed my questions to the public enquiries section of the Treasury and will post here if I get a reply. Don't hold your breath!

uk_man

Anyone know how long it will take the Coop to transfer my ISA of about £27k to Natwest; it seems they received instructions from Natwest at the start of October but haven't transferred the money so far?

~Chameleon~

uk_man wrote: »

Anyone know how long it will take the Coop to transfer my ISA of about £27k to Natwest; it seems they received instructions from Natwest at the start of October but haven't transferred the money so far?

I think, off the top of my head, they have up to 30 days to complete the transfer. Have you checked the T&C's?

Milarky

uk_man wrote: »

Anyone know how long it will take the Coop to transfer my ISA of about £27k to Natwest; it seems they received instructions from Natwest at the start of October but haven't transferred the money so far?

I'd be tempted to say 'any day now' but if I were you I'd speak to the Coop and ask them if they got the request from NatWest - and if so when. If they ask why you need this information advise them "So that I know when the '30 days' [allowed] started"

NikkyWikky

Hi Guys,

Thinking of transferring my isa account to Natwest but havent got round to doing it. Only thing that i'm trying to calculate is how many days interest i would loose during the transfer and therefore would it be worth it for the extra 0.87%. from reading the forum, it says my old ISA has 30 day limit to transfer it. So does that mean i could loose up to 30 days interest?

Regards Nik.

Baldur

NikkyWikky wrote: »

.....my old ISA has 30 day limit to transfer it. So does that mean i could loose up to 30 days interest?

The 30 days is the time that it could take for the transfer to complete, you shouldn't lose more than a couple of days (cheque clearance from old provider to new provider).

Gloren

Hi everyone,

Here's my conundrum - Very shortly before Icesave went under I opened a new cash ISA with them, but they went under before I could transfer my Nationwide ISA into the Icesave account.

I was wondering, will this still preclude me from opening a Natwest ISA now because it is the same tax year?

Mike