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Transfer £25k FTSE ASX Tracker ISA?

Index tracking funds and ETFs
tikunetih
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Re: Transfer £25k FTSE ASX Tracker ISA?

#366838

Postby tikunetih » December 16th, 2020, 6:24 pm

swill453 wrote:Yes it's very typical for a provider's application form to ask you to assert you haven't opened another ISA this year, when the rules actually state you can only subscribe to one ISA per year.

"Subscribe to" in this context meaning "add new money to".


I think the issue here - if there is one - and my reason for dragging this out somewhat is that we as sensible punters (and it seems some providers) are interpreting the HMRC rules on this in the manner you state but that's not explicitly spelt out anywhere that I can see in the HMRC docos pertaining to ISAs and managing ISAs.

Those rules don't appear to cover the example in question (that of opening a subscription-less ISA) and if anything imply that you can't do it...

NB that's a half-hearted invite for someone to do further reading of HMRC docos and find something that I've been unable to find. Maybe start here: https://www.gov.uk/guidance/how-to-open ... sa-manager

eg.
    "Before a manager can open an ISA that an investor has applied for, they must hold all of the following:

    a valid application, which he has accepted (see signature)
    a valid ISA subscription
    the date on which the ISA manager accepts the application form
    the date on which the subscription is made (see date of subscription)

    A manager may accept an application before a subscription is made, but the ISA does not begin until a subscription is made"

Thanks in advance ;)


PS Apologies to portmoon - the OP - for derailing their thread. It's rarely a good idea posting a tangential question in someone else's discussion as they can just snowball :?


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