Barclays to A&L transfer

youreds

Posted this in the transfer sticky, but I hope I'll get a better response in a new thread....

Hi, I have a Barclays tax buster ISA from last tax year which I put the full £3k into.
I want to transfer this to an A&L issue 4 ISA & then open a new Barclays Tax Haven ISA & deposit my £3.6k allowance this year.
The T&Cs regarding subscriptions on the A&L form don't seem to cover this & appear contradictory to me.
I'm sure I have this right but just wanted to check.

Like everything brought in by Labour they make it so complicated & riddled with rules just to put people off (tax credits, childcare vouchers). Then they send the funds by cheque between organisations, way to go Gordon, this is the 21st century isn't it?

Rant over.

Youreds!

JennyB

This is exactly the question I need to know the answer to as well!

I have a tax beater cash isa from last year and this year I would like to:

1. open an A&L isa and transfer the money out of my tax beater into it and then put no further money in; and
2. open a barclays tax haven isa to put new money into.

Can I do this? I really can't figure out whether this is prohibited because it involves opening two mini cash isas in one tax year... which would be rubbish!

Can anyone help?

irishjohn

I think you will be OK - opening your ISA this year is the Barclays Tax Haven

The moving of last years Barclays Tax Beater to A&L is simply transferring a previous year to a new provider - so you won't be putting any of this years money in - only a previous year

JennyB

Due to my total confusion about this question I have now spoken to HMRC on their helpline -

"call our ISA Helpline on 0845 604 1701 (Monday -Thursday 8.30-5.00, Friday 8.30-4.30)"

and they have given a 100% unequivocal YES!! You can OPEN more than one cash ISA in any given tax year provided that you only pay new money into ONE of them.

So I have now opened my Alliance & Leicester ISA - to transfer my old ISA savings into - and a Barclays Tax Haven ISA to pay my new money into.

I don't know about anyone else but I find the terminology really confusing - I mean what does "subscribe" mean exactly?! Does that mean subscribe as in apply to and open or does it mean subscribe as in pay money into. I know now that it is the latter of these two but I don't find that exactly clear on the face of it. And what about transfer money into - would that not fall within the word "subscribe" also?!! Ok, I'm going to stop now before I start convincing myself that HMRC are wrong :rotfl: