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Splitting Cash and S&S ISA allowance
abz88
Posts: 312 Forumite
Hopefully a straight forward query, but one I can't find the answer to.
I have a Coventry BS Cash ISA and a Cavendish S&S ISA. My plan is to split my £20,000 allowance across the two. I have £10,000 sitting in the cash ISA and a monthly direct debit set up to pay into the S&S ISA (helps fulfill a Bank Account DD requirement).
I was wondering how the £20,000 is policed, as in who or what stops me going over the £20,000 amount between the two ISAs?
I have a Coventry BS Cash ISA and a Cavendish S&S ISA. My plan is to split my £20,000 allowance across the two. I have £10,000 sitting in the cash ISA and a monthly direct debit set up to pay into the S&S ISA (helps fulfill a Bank Account DD requirement).
I was wondering how the £20,000 is policed, as in who or what stops me going over the £20,000 amount between the two ISAs?
0
Comments
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I was wondering how the £20,000 is policed, as in who or what stops me going over the £20,000 amount between the two ISAs?
You need to monitor your contributions for yourself.
It seems that there is a reporting requirement for ISA managers.
https://www.gov.uk/guidance/returns-of-information-for-isa-managers
Presumably at some point any discrepancies would be picked up by HMRC and investigated?0
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