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Problem transferring from Barclays to A&L
Philip624
Posts: 717 Forumite
I opened an A&L ISA for this tax year on 6 April with the intention of transferring the funds from my Barclays ISA from last year. I stupidly forgot to cancel my direct debit going into the Barclays one so that the last payment went into it on 14 April, in this tax year.
Although I opened the A&L on 6 April I only made my first payment into it on 14 May. On 26 April I completed a form to transfer my Barclays into my A&L. A&L have now written to me to say I am in breach of the ISA rules for subscribing to two ISAs in the same tax year? Is this correct? I know it was a mistake to pay into the Barclays this tax year but when I did so the balance on the A&L one was zero, and I did not subscribe to the Barclays one in this tax year although I did contribute to it. WHy would this scenario be any different from transferring ISA ownership within the same tax year?
Grateful for advice.
Although I opened the A&L on 6 April I only made my first payment into it on 14 May. On 26 April I completed a form to transfer my Barclays into my A&L. A&L have now written to me to say I am in breach of the ISA rules for subscribing to two ISAs in the same tax year? Is this correct? I know it was a mistake to pay into the Barclays this tax year but when I did so the balance on the A&L one was zero, and I did not subscribe to the Barclays one in this tax year although I did contribute to it. WHy would this scenario be any different from transferring ISA ownership within the same tax year?
Grateful for advice.
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Wake me when conflict is over,
I aim for a peaceful life,
Wake me up when the fury is ended
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