Jump to content


Photo

Paying In Too Much To Cash Isa In Tax Year


  • Please log in to reply
2 replies to this topic

#1 SEW247

SEW247

    HPC Regular

  • Members
  • PipPipPip
  • 314 posts
  • Location:SE4 London
  • About Me:Formerly of N19 where is lucked out on my 2 bed flat and bailed out to SE4 and bought a 4 bed house. Still think prices will drop, but got a 10 year fix and a 60% deposit so I should be okay

Posted 10 April 2012 - 09:04 PM

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?

#2 rit

rit

    HPC Poster

  • Members
  • PipPip
  • 75 posts

Posted 10 April 2012 - 09:21 PM

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.

#3 giveusthefacts

giveusthefacts

    HPC Poster

  • Members
  • PipPip
  • 147 posts

Posted 11 April 2012 - 12:09 AM

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.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users