Petem95

How do banks/building societys know you're a lower or higher rate tax payer? Or rather how is the tax rate on your accounts determined? Sure this is a silly question, but I don't know!

john banks

If you pay the higher rate you tell the tax man.

MattW

They take BR tax then you are supposed to declare the remainder on your return.

Lee247

I have no idea, but check your tax codes this year folks. They have been making some shocking blunders

Dingdongler

Hope you don't mind if I stray off topic a bit Pete but who keeps an eye on how many Isa's you have?

What I mean is when you open a cash Isa they ask you to state you haven't already got one from that year, but who actually checks?

john banks

You have to give your NI number don't you? Can't remember just used the same provider this year.

JackClark

Savings interest, what's that then. I thought they just kept it warm for you nowadays.

Dingdongler

You do give it when you set it up but who actually checks to make sure you haven't used your allowance twice? I deposited the 09/10 allowance on Thursday with my bank who I already have an Isa with and current/savings acct, but would alarm bells have gone off on their system if I had already used the allowance elsewhere?

No sinister motive on my part just curious

MMT WRX

Just read a thread about this on PH. Apparently a guy had invested in too many isa's in one year and received a slapped wrist don't do it again from HMRC.