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Where Taxpayers and Advisers Meet

ISA Allowance

Jason123456
Posts: 21
Joined: Wed Oct 11, 2017 1:53 pm

ISA Allowance

Postby Jason123456 » Fri Mar 02, 2018 12:27 pm

Can the ISA Allowance of a tax year be used with two different Investment platforms?....say £10k with investment platform A and £10 k with investment platform or investment house B ?, such that £20k is not exceeded.....and out of interest who does the checking that £20k has not been exceeded?....do HMRC get copies of ISA investments made?

RMC
Posts: 414
Joined: Wed Aug 06, 2008 3:35 pm

Re: ISA Allowance

Postby RMC » Fri Mar 02, 2018 9:18 pm

Yes, you can use your ISA allowance on as many platforms as you fancy.

Policing: Please note that bank interest and some other types of taxable income are pre-populated into your personal tax account, to assist you with tax return preparation. Wouldn’t surprise me if tax-free income was sooner or later pre-populated somewhere in the background. Also HMRC knows how much money / investments you have and where (n/a to offshore tax avoiders), and if you owe your taxes can dip into it.

Bizman
Posts: 13
Joined: Sat Oct 21, 2017 9:18 pm

Re: ISA Allowance

Postby Bizman » Sat Mar 10, 2018 12:25 am

Policing: Please note that bank interest and some other types of taxable income are pre-populated into your personal tax account, to assist you with tax return preparation. Wouldn’t surprise me if tax-free income was sooner or later pre-populated somewhere in the background. Also HMRC knows how much money / investments you have and where (n/a to offshore tax avoiders), and if you owe your taxes can dip into it.
Interesting.

Do HMRC know what's in every UK bank account?

I ask because I've seen countless TV shows where they investigate dodgy benefit fraudsters etc. and it's only years down the line, when somebody has tipped the authorities off, that it's discovered they had huge sums in undeclared bank accounts. These accounts were in their name - and I understand you can't open accounts without giving your NI number etc. - so I don't understand how the authorities could have failed to know. That leads me to assume they don't know what's in every bank account?

RMC
Posts: 414
Joined: Wed Aug 06, 2008 3:35 pm

Re: ISA Allowance

Postby RMC » Sun Mar 11, 2018 10:21 am

HMRC operate a powerful snooper system ‘Connect’ that gathers UK taxpayers’ (and non-taxpayers) financial data including that held by banks and financial organizations in British overseas territories and various other places, and flags individuals or entities in need of an investigation. According to reports it (and other systems) also accesses our digital footprint on the internet.

But the flagged individuals do not necessarily get investigated, apparently because HMRC suffers staff shortages, in fact there has never been a better time to fiddle one’s taxes. The superrich have a particularly good chance of avoiding tax because 1. political parties depend on their goodwill and 2. they argue and argue in courts draining HMRC meagre resources.

Whereas benefits cheats are as a rule caught by benefit fraud investigators, HMRC depend to a great extent on voluntary disclosure. There have been various disclosure facilities – physical therapy, alternative medicine, let property ... the latest being worldwide disclosure facility, but you can disclose anything in return for being treated leniently:
https://www.gov.uk/government/publications/hmrc-your-guide-to-making-a-disclosure

So the answer to your question is Yes and No.


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