Thetownend.com

I didnt know how are where to search to a solution to this question I had, so why not go to your old friend the TEF for advice.....

For all you financial whizz kids...

I have a cash isa with egg, started many years back, and have put pretty much all my annual allowance in it for this tax year (which ends in a few days time).
I have also just started a 2nd cash isa with another providier (currently with £1 in!). Now can I transfer a large sum of money from the egg isa to the new one (less than £5100 obviously since that is the limit for the year), before the new tax year
OR, has my allowance for the year already been taken up with my egg account?
Cheers....

You should be able to transfer from one to another, as long as it's not new money going into the ISA pot.

What you should absolutely NOT do, is withdraw the money from one and then try to pay it into another- it needs to be a straight transfer.

even if its two different companies?


oop

Don't put all your eggs in one basket.

Hope that helps.

Speaking of isas, i paid a couple of grand into one the other day and was told i could only pay 1k cash into it per day.

Pissed me right off as it meant another trip to town the next day.

Youd think they would snap your arm off for a bit of dough ;)

What if you only have one basket?

Mugging you could be lucrative!  :D

Don't ask me, i'm not a financial guru!

You could make another basket

Gents, focus, please.

It sounded like you had some sort of knowledge of both eggs and baskets.

Clearly I was mistaken and will seek basket advice elsewhere!

You could just leave some eggs in the fridge

Or keep the eggs in the chickens and carry them around instead.

Have you never heard you should never carry all your chickens in one basket donkey?

We can tell you're no financial guru.

You CANNOT contribute to more than one cash ISA in the same tax year. I know it's only £1, but you have technically broken the rules and HMRC may give you a slap on the wrist.

You can, however, transfer the ISA to another provider and THEN pay into that new one. As Nemo said, you need to ask the provider for a transfer form rather than withdraw it as cash.

And btw, the limit is £5,340.

Ah, my knowledge of Thai sayings isn't what it could be I admit.

I was just left wondering what a basket donkey was...   :/

Is it one of those holiday souvenirs that you can get from Spain?

agreed. cheshire are doing a decent rate at the moment if you want to put new money into a new isa come the new tax year

HMRC shouldn't give you a slap on the wrist (especially as contribution is so small), contributing to two cash ISA's in one year just means the most recent ISA will effectively lose it's ISA status. If you're doing things by the book you should notify your second cash ISA manager (i.e. the provider) that you have subscribed in error and they should arrange a refund of the money.

How would HMRC know though, I dont do self assesment, and surely they dont have the time and resources to check every singles persons isa activity?

I am fairly sure that they would do spot checks.  However, you're probably correct in assuming that you would probably be OK - given that they have bigger fish to fry.

ISA managers have to provide returns to HMRC. Jan and Ardiles are right, it's probably nothing to worry about, but you should be aware.

And next time, read the T&Cs before you agree to them ;)

Yeah right, I'm a man, what do you expect.

(Cheers all)