ChatterBank0 min ago
national ins no required
15 Answers
Why does my bank require my national insurance
number when opening an isa savings account...?
number when opening an isa savings account...?
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.It does raise an interesting point. Not every citizen in this country is required to have a National Insurance Number. Most are automatically issued one when they reach 16. An immigrant is only required to apply for one when they start to become liable to contribute to the NI system (or take up employment where an employer is liable to contribute).
And yet as far as I am aware (happy to be corrected) there is nothing in the legislation to bar such individuals who have no NI No from opening an ISA. Arguably they are disenfranchised by procedure.
And yet as far as I am aware (happy to be corrected) there is nothing in the legislation to bar such individuals who have no NI No from opening an ISA. Arguably they are disenfranchised by procedure.
@cathfromsaron
I try to kepe an open mind, so I am willing to be persuaded that my earlier post was inaccurate. So far, though, I see no evidence to that effect.
A qualifying investor is regulated by the Individual Savings Account Regulations 1998 (as amended) (SI 1998 no. 1870, wherein it states (reg 10(2)(d)(i)) that it is sufficient that the investor be resident and ordinarily resident in the UK. Such an individual has no necessary compulsion to possess an NI number unless and until sadi individual falls to be chargeble to NIC.
http://www.tisa.uk.co.../42_ISARegs_2011B.pdf
With kind regards
I try to kepe an open mind, so I am willing to be persuaded that my earlier post was inaccurate. So far, though, I see no evidence to that effect.
A qualifying investor is regulated by the Individual Savings Account Regulations 1998 (as amended) (SI 1998 no. 1870, wherein it states (reg 10(2)(d)(i)) that it is sufficient that the investor be resident and ordinarily resident in the UK. Such an individual has no necessary compulsion to possess an NI number unless and until sadi individual falls to be chargeble to NIC.
http://www.tisa.uk.co.../42_ISARegs_2011B.pdf
With kind regards
Incidentally, as a side issue, the total number of active NI numbers exceeds the qualifying population by many thousands. I don't have the actual figures to hand but I think it is in 5 figures. There is a substantial population wandering around with two NI numbers (I wonder if there is anyone with three?). Anyway, it would be interesting to know whether any of them have managed to double up their ISA quota.
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