UK Finance (uk.finance) Discussion about Finance issues in the UK.

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Old January 24th 17, 10:05 AM posted to uk.finance
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Default Checking when I opened ISAs

My financial files are a bit of a shambles. Pending much overdue
housekeeping and phoning around, I'm not sure whether I've already used
my ISA allowance for the current (2016-17) tax year.

Presumably HM Revenue & Customs have a database to police the rules
although I suspect it's unlikely to be impressively up to date.

If such a database exists, can the public access it, directly or
indirectly?

I'm also curious. If some enthusiastic investor opens successive cash or
share ISAs, deliberately or mindlessly ignoring the rules, what actually
happens in practice?

--
Terry, East Grinstead, UK

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Old January 24th 17, 11:24 AM posted to uk.finance
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Default Checking when I opened ISAs

Terry Pinnell wrote:
My financial files are a bit of a shambles. Pending much overdue
housekeeping and phoning around, I'm not sure whether I've already used
my ISA allowance for the current (2016-17) tax year.

Presumably HM Revenue & Customs have a database to police the rules
although I suspect it's unlikely to be impressively up to date.

If such a database exists, can the public access it, directly or
indirectly?

I'm also curious. If some enthusiastic investor opens successive cash or
share ISAs, deliberately or mindlessly ignoring the rules, what actually
happens in practice?

I asked a very similar question here a few months ago (at least I
think it was here).

The answer is that, if you put too much into ISAs, you'll get a polite
little note saying "you can't do that" and returning the money.
Apparently there *is* a database of some sort somewhere in HMRC that
records this and produces the polite rejection.

Why 'we' can't interrogate it before trying to put money into an ISA
is anybody's guess. :-)

--
Chris Green
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Old January 24th 17, 01:11 PM posted to uk.finance
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First recorded activity by FinanceBanter: Apr 2005
Posts: 121
Default Checking when I opened ISAs

On Tue, 24 Jan 2017 11:24:21 +0000, Chris Green wrote:

Terry Pinnell wrote:
My financial files are a bit of a shambles. Pending much overdue
housekeeping and phoning around, I'm not sure whether I've already used
my ISA allowance for the current (2016-17) tax year.

Presumably HM Revenue & Customs have a database to police the rules
although I suspect it's unlikely to be impressively up to date.

If such a database exists, can the public access it, directly or
indirectly?

I'm also curious. If some enthusiastic investor opens successive cash or
share ISAs, deliberately or mindlessly ignoring the rules, what actually
happens in practice?

I asked a very similar question here a few months ago (at least I
think it was here).

The answer is that, if you put too much into ISAs, you'll get a polite
little note saying "you can't do that" and returning the money.
Apparently there *is* a database of some sort somewhere in HMRC that
records this and produces the polite rejection.

Why 'we' can't interrogate it before trying to put money into an ISA
is anybody's guess. :-)


I mistakenly put two lots of Stocks & Shares ISA's into the one year,
one right at the beginning and one right at the end but with different
providers. I got a polite letter from HRMC asking me to remove one of
them which I did and sent them a copy of the sale.

Had I tried to buy the second one with the same provider they would
have course have told me. The OP should readily be able to check with
his ISA provider(s) how much he has subscribed. I use 3 providers and
each one tells me how much I have left to subscribe with their own
system.

If there is any uncertainly then simply invest in this year's ISA, if
subsequently not permitted transfer it to next year's ISA. No big
deal.

--
AnthonyL
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Old January 24th 17, 01:52 PM posted to uk.finance
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First recorded activity by FinanceBanter: May 2015
Posts: 6
Default Checking when I opened ISAs

lid (AnthonyL) wrote:

On Tue, 24 Jan 2017 11:24:21 +0000, Chris Green wrote:

Terry Pinnell wrote:
My financial files are a bit of a shambles. Pending much overdue
housekeeping and phoning around, I'm not sure whether I've already used
my ISA allowance for the current (2016-17) tax year.

Presumably HM Revenue & Customs have a database to police the rules
although I suspect it's unlikely to be impressively up to date.

If such a database exists, can the public access it, directly or
indirectly?

I'm also curious. If some enthusiastic investor opens successive cash or
share ISAs, deliberately or mindlessly ignoring the rules, what actually
happens in practice?

I asked a very similar question here a few months ago (at least I
think it was here).

The answer is that, if you put too much into ISAs, you'll get a polite
little note saying "you can't do that" and returning the money.
Apparently there *is* a database of some sort somewhere in HMRC that
records this and produces the polite rejection.

Why 'we' can't interrogate it before trying to put money into an ISA
is anybody's guess. :-)


I mistakenly put two lots of Stocks & Shares ISA's into the one year,
one right at the beginning and one right at the end but with different
providers. I got a polite letter from HRMC asking me to remove one of
them which I did and sent them a copy of the sale.

Had I tried to buy the second one with the same provider they would
have course have told me. The OP should readily be able to check with
his ISA provider(s) how much he has subscribed. I use 3 providers and
each one tells me how much I have left to subscribe with their own
system.

If there is any uncertainly then simply invest in this year's ISA, if
subsequently not permitted transfer it to next year's ISA. No big
deal.


Thanks both, understood.

Still be interested to know if anyone has ever asked HMRC for access.

--
Terry, East Grinstead, UK
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Old February 3rd 17, 11:52 PM posted to uk.finance
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First recorded activity by FinanceBanter: Mar 2016
Posts: 2
Default Checking when I opened ISAs

Terry Pinnell wrote:
Still be interested to know if anyone has ever asked HMRC for access.


AIUI banks make a return to HMRC:
'NI number X has paid in Y pounds to an ISA of type Z'
At the end of the tax year HMRC tallies up all the returns and then spots
anyone who has broken the rules.

I don't think this is a live process - in other words they won't know what's
happened until the end of the year, at which point they'll presumably send
you a letter to complain.

I don't think you can ask mid-year to find out - because, even if returns
are sent mid-year, you can't be sure how well your bank has been keeping
HMRC up to date.

The thing to do is ask any bank(s) you have accounts with what you have
deposited so far this year - they will know.

Theo


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