Any financial advice gurus out there...

[donkey]

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

We can tell you're no financial guru.

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

[calumscott]

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

We can tell you're no financial guru.

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

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

[4D]

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

[Bennett]

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.

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

[janaage]

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.

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.

[jimmy_onions]

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?

[Ardiles]

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.

[Samdy Gray]

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?

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

[jimmy_onions]

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)