Cash Isas From More Than One Provider

DS_Alexander

Due to a misunderstanding I note that since 1999 I have invested in Cash ISAs in more than one provider in a particular tax year. The details are as follows:

NATIONWIDE CASH ISA
1999/2000 £2000
2000/2001 £3000
2001/2002 £1000
2006/2007 £1000
2007/2008 £1000 TOTAL £8000

PORTMAN CASH ISA
2002/2003 £3000 TOTAL £3000

NATIONAL WESTMINSTER CASH ISA
2004/2005 £2000
2006/2007 £2000
2007/2008 £2000 TOTAL £6000

The query I have is whether or not I should adjust the position by transferring or closing one or other of the above providers.

You will note that in no Tax Year has I exceeded the maximum amount. I have made various enquiries and have been told that I should take no further action, but I would like to make sure.

freddykrueger

The only thing I was going to mention is that you appear to have contributed to the Nationwide ISA and Natwest ISAs in 2006/2007 and 2007/2008 - maybe my understanding is wrong (and I'm sure someone will correct me) but I was under the impression that you can only contribute to 1 cash ISA in any tax year?

However I'm not really sure what you should do - maybe own up your mistake to the IR and say very sorry it won't happen again

**edit** sorry I just noticed the bit you wrote at the top, however I would still hold my hands up and admit my mistake.

BruceyBonus

Sooner or later, HM Revenue & Customs will contact you about this. It probably takes them a while to process all the records.

I'd contact your tax office and ask for advice.

bristolleedsfan

Wouldnt it be worth transferring them all into higher paying accounts assuming that your Nationwide ISAs arent in Fixed Rate ISA Accounts. :think:

Mikeyorks

BruceyBonus wrote: »

I'd contact your tax office and ask for advice.

Agreed - except you contact the HMRC ISA Help Line. Local offices can't help with ISA issues.