The Lemon Fool

Hi Folks,

I/We have several ISA's Cash and Stocks and Shares. How can I check what my/our outstanding potential deposit limit is for this year? Is there a central point for this?
Those of you with Selftrade will know it went to EQI and then to Interactive Investor (ii). Finally settled as ii. Stocks and Shares ISA says £20,000 still available to invest in ISA this year. I/We certainly haven't put any new money into it this year. I don't think we put any new money into our Cash ISA, although we have transferred money in (better rate etc). I could ask each ISA provider individually but if there was a central point it would make life easier.

Cheers,
Ray.

raybarrow wrote:
I could ask each ISA provider individually but if there was a central point it would make life easier.

It's easy for things to get blurry in this area, and especially so where institutional take-overs might not carry-over previously held transaction records, and multiple accounts are perhaps held with different providers.

It's for that reason that both my wife and I hold separate written records (copied electronically as well) with all 'tax-year' transactions clearly recorded, with values and accounts detailed alongside the date of any movements.

This probably isn't what you wanted to hear right now, but it's certainly worth taking into account once you get over this particular 'where am I?' bump...

To help with your issue at the moment - is there a good chance that any and all 'new cash' capital movements may have come from a particular bank or cash-savings account? If so, checking those records might help...

Cheers,

Itsallaguess

raybarrow wrote:Is there a central point for this?

In a word, no.

Correct, you can only subscribe to one provider in a tax year

If as you say you haven't contributed to any Isa's this tax year then your existing stuff has no consequence, you can invest £20,000 in total, either in existing or new accounts, but only in one cash / stocks and shares type each year, i.e. £7,000 in cash isa and £13,000 in stocks, transfers don't count towards the £20,000 allowance.

Beseeinyou

beseeinyou wrote:If as you say you haven't contributed to any Isa's this tax year then your existing stuff has no consequence, you can invest £20,000 in total, either in existing or new accounts, but only in one cash / stocks and shares type each year, i.e. £7,000 in cash isa and £13,000 in stocks, transfers don't count towards the £20,000 allowance.

Beseeinyou

And for flexible ISAs, money that replaces funds withdrawn within the same tax year, don't count as subscriptions.

So if your flexible ISA had a balance of £20000 on April 6th, and you withdrew £15000, you could deposit £15000 back in.
However if you paid in £15001 then you would be considered to have made a current year subscription of £1. (Any money paid in is first treated as replacing "old" money, and then treated as "new"/current year subscription.

From my experience, if you have made current year S&S and a cash ISA contributions, any "You can pay in £X this year" or "You have £X of your allowance unused" message shouldn't be treated in isolation.

In my experience an ISA provider can only 'see' subscriptions made to that ISA - so my HSDL shares ISA would show £20,000 available to invest even if I'd paid into a Cash ISA in that FY
I assume there is a central record held against NI number by HMRC, but I doubt it's available to the public.
For this reason...I have a spreadsheet, just to make sure I use every last penny of the allowance

AleisterCrowley wrote:In my experience an ISA provider can only 'see' subscriptions made to that ISA - so my HSDL shares ISA would show £20,000 available to invest even if I'd paid into a Cash ISA in that FY.

I assume there is a central record held against NI number by HMRC, but I doubt it's available to the public.
For this reason...I have a spreadsheet, just to make sure I use every last penny of the allowance

The other thing you can do is simply make a point of investing the £20,000 maximum each April 6th. Then there is nothing to remember.

I usually make some sales in my taxable account towards the end of each tax year anyway, so the money is always there to subscribe on the first day of the new tax year.

I was contributing to a HTB ISA and an IFISA as well as the equities one so it helped to keep all the details in one place
(Ratesetter and Halifax have made it simpler for me now by ceasing to exist, and putting a £12k cap on full rates respectively -so 21/22 will be all equities)

raybarrow wrote:Hi Folks,

I/We have several ISA's Cash and Stocks and Shares. How can I check what my/our outstanding potential deposit limit is for this year? Is there a central point for this?

Yes there is. Your bank account cash transaction records.

Unless I'm missing something...

pje16 wrote:Correct, you can only subscribe to one provider in a tax year

Surely not?

Surely you can subscribe to two in a tax year, if you wish? One a cash ISA, one a Stocks & Shares ISA (subject to the rules).

When it comes to all the extra, new fangled ones - I have no idea!

It's one ISA, a mixture of cash/shares

pje16 wrote:It's one ISA, a mixture of cash/shares

No, separate ISAs - there are in fact four different types

"There are 4 types of ISA:

cash ISAs
stocks and shares ISAs
innovative finance ISAs
Lifetime ISAs

You can put money into one of each kind of ISA each tax year." For 21-22 the maximum you can save is £20,000.

https://www.gov.uk/individual-savings-accounts

Apologies, my mistake

Hi Folks,

Thanks for the replies. I do keep accounts with MS Money but not a separate spreadsheet for ISAs, sounds like a good idea especially with the Flexible ISAs.
We have been working to transfer/consolidate our ISAs (of which we have few, both Cash and S&S, historically). Lockdown, pandemic and my wife's recent illness has rather made me loose track a bit. She has had an operation and the signs are looking good so I need to continue the ISAs tasks I started. I am also waiting for a legacy, a friend died in 2020, which is why I'm sure I haven't made any new ISA contributions this year 21/22.

A few years ago I did the trick of contributing £10 to a new ISA, to check the banking details were correct intending to contribute the balance £19,990 except I got carried away and contributed the full £20000. £10 was refunded straight away, so no harm done, but it's an easy mistake to make.

I just thought it would be useful to have a central point on the HMRC Personal Tax page to check ISA contributions. On there I can check PAYE, Self Assessment, Pension, Benefits NI, etc. I do find the HMRC Personal Tax page useful and ISA contributions would be a helpfull addition. Maybe one day...

Time to forensically check our accounts.
Thanks,
Ray.

raybarrow wrote:Hi Folks,
Thanks for the replies.

I just thought it would be useful to have a central point on the HMRC Personal Tax page to check ISA contributions. On there I can check PAYE, Self Assessment, Pension, Benefits NI, etc. I do find the HMRC Personal Tax page useful and ISA contributions would be a helpfull addition. Maybe one day...

We can only hope. I still can't use it to correct simple errors in my Tax code!

raybarrow wrote:Time to forensically check our accounts.

Tiresome. But hope it is not too arduous and time consuming.

Hi Folks,

All sorted. Not too much of a problem once I got on with it. In short we haven't used our 21/22 allowance yet. Transfers yes, but no 'new' money deposited. I must have been having senior moment with all that's happened in the last week or so.

Thanks for the help,
Ray.