Common use of Subscription Limits Clause in Contracts

Subscription Limits. 4.1 The maximum amount you can pay into a cash ISA in any Tax Year is set by HM Revenue & Customs (HMRC). To find out the latest allowance contact us or HMRC. 4.2 Provided you comply with HMRC subscription limits, in each Tax Year you can subscribe to: (a) one cash ISA; and (b) one stocks and shares ISA. You cannot subscribe to two (or more) cash ISAs, or two (or more) stocks and shares ISAs in the same tax year. 4.3 Where you make a transfer of current year subscriptions from a cash ISA to a stocks and shares ISA, the subscriptions to the cash ISA are treated as if they were made to the stocks and shares ISA so you can subscribe to a cash ISA following the transfer, subject to the overall subscription limits set out in the ISA Regulations. 4.4 Your application will no longer be valid at the end of any Tax Year in which you do not make a subscription to the account, except if this happens during the first year (in which case condition 4.5 applies). If this happens, you must make a fresh application before you can make any further subscriptions to the account. 4.5 If you make an application to subscribe to the account, but you do not make a subscription in the Tax Year to which the application relates, your application will remain valid for you to make a subscription in the next Tax Year unless the application is valid for one Tax Year only.