You need to renew your ISA declaration

🤝 Help
1

I hit ‘confirm’ but that set me thinking:
Is this only necessary if I intend to add funds in 23/4?
If I were intending to use another provider for 23/4, and therefore didn’t hit ‘confirm’, would this ‘You need to…’ stare at me from within the app forever?

Why isn’t it suppressed until I try to add 23/4 funds?
You could accidentally hit ‘confirm’ and lock yourself to 212 for the year, meaning you’d have to faff about with a transfer if your confirmation was inadvertent.

2

I don’t think you lock yourself in - only when you add funds does that happen from the ISA rules IIRC.

3

That’s what I thought, but the confirmation form states:
‘I will not subscribe to any other s&s ISA in the same tax year that I subscribe to this ISA’.

Not sure why you’re required to do that until you attempt to fund.

So, given I’m not funding for 23/4, maybe I could/should have just not confirmed: That’s really what I’m getting at.

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4

It’s irrelevant really. Subscription is made on deposit, not on signing an agreement.

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5

Both @Dougal1984 and @Scrooge_McCodf are correct. The declaration is more of a formality than anything else. The HMRC’s primary concern is - deposits.

In other words, if you accept the declaration but don’t contribute to your ISA → it’ll be considered inactive for the year.

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6

But aren’t you allowed to pay into multiple ISA in any tax you. The rules are simply that your total contributions/payments into all ISA in any year cannot be more than £20,000 but my understanding is/was that you can spread the £20,000 between as many ISA as you want (but maybe with a limit that you cannot open more than 1 new ISA in any year - not sure on that because it’s never been an issue for me)

7

No the rule is technically you can only pay into one ISA account per ISA Type each tax year. You can pay into a Trading 212 ISA and a MoneyBox LISA this year, but you can’t pay into a Trading 212 ISA and a MoneyBox ISA in the same tax year. But you can in different tax years. You have to stick to the provider you chose for the year unless you transfer it elsewhere.

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8

Thanks, I must have had in my mind that you can pay into a LISA, stock ISA and cash ISA in the same year. Thanks for clarifying

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9

Well technically you can, by that I mean you won’t get an error message on moneybox saying “sorry you already invested in T212 ISA this year, try again next year”

They don’t have some kind of central name database shared between providers saying who has invested where (technically an extreme challenge)

Hence to get around the fact they can’t stop technically they give this declaration form instead which basically means if you get busted investing into multiple ISAs you cant say they didn’t tell you which is what the form is all about.