neilmorgan

Dear HMRC Admin 5 Could you please refer to the reply from HMRC Admin 20 above. You each seem to be saying the opposite to the other? Is transferring (which we all know has to be done by the banks) classed as opening a new account or not? What am I missing? I am already aware that the rule changes due in April 2024 (see government newsletter) will mean we can open multiple accounts of the same type but people still need to move money around in the current 2023/2024 tax year.

I note that the HMRC reply to the post was around the start of January 2024. Please refer to the GOV/HMRC newsletter dated November 2023 https://www.gov.uk/government/publications/tax-free-savings-newsletter-10/tax-free-savings-newsletter-10-november-2023 "The government announced a package of ISA reforms and will make these changes to ISAs from 6 April 2024:" and "Allow subscriptions to multiple ISAs of the same type, with the exception of Lifetime ISA, within the tax year, removing the limit on subscribing to one ISA of each type per year. All subscriptions must remain within the overall ISA limit of £20,000." Doesn't this mean the HMRC reply is incorrect when the post title clealry refers to April 2024?