SEW247 Posted April 10, 2012 Share Posted April 10, 2012 A real quick one! 1) What's to stop someone doing this, by having two different Cash ISAs with two separate banks? 2) How would you get caught? 3) What would happen? Quote Link to comment Share on other sites More sharing options...
rit Posted April 10, 2012 Share Posted April 10, 2012 You have to provide your NI number as well as all your other personal details, these are then used to link you account(s) back to the tax office. The result is once caught all the accounts will be closed and and interest will then be taxed - or if you opened term accounts you may not see any interest. Quote Link to comment Share on other sites More sharing options...
giveusthefacts Posted April 11, 2012 Share Posted April 11, 2012 A real quick one! 1) What's to stop someone doing this, by having two different Cash ISAs with two separate banks? 2) How would you get caught? 3) What would happen? 3 years ago, my father topped up his Isa, and a few months later opened a new Isa which was offering a headline rate,(forgetting he had already used his annual allowance) This resulted in him paying in more than his annual Isa allowance. He received a very abrupt and threatening letter from HMRC and they closed down his new ISA and transferred funds back to his bank account. Quote Link to comment Share on other sites More sharing options...
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