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Posted Fri, 24 Nov 2023 11:48:51 GMT by
Hello I created a new cash ISA in July 2023 and paid in £20,000. I mistakenly then paid in £2,000 to a different pre-existing cash ISA in October 2023. I have tried several times to phone HMRC but have waited over an hour without being connected. Please can you advise what action I should now take. Thanks
Posted Tue, 28 Nov 2023 10:17:03 GMT by HMRC Admin 8 Response
Hi,
As £20000 is the maximum you can put into any combination of ISA's in a tax year, you will need to contact the ISA provider, who you saved £2000 with, so that they can repay the sum to you and bring you back in line with the ISA rules.
Thank you.
Posted Fri, 01 Dec 2023 16:40:23 GMT by
Many thanks. I have now removed the additional £2000
Posted Thu, 28 Mar 2024 18:28:04 GMT by luckyreddy9 God
Have opened three ISA accounts. HSBC opened in Oct 2023 - Have 15000 GBP Halifax opened in March 2024 - Deposited and with draw all in two days. NatWest opened in March 2023 - Have opened and deposited 20000. GBP until now.
Posted Wed, 03 Apr 2024 14:36:10 GMT by HMRC Admin 2 Response
Hi,

As you can only deposit funds in one cash ISA for the current tax year, one of the accounts will no longer qualify as tax free.

HMRC will contact you after 5 April 2024 to confirm the position.

Thank you.

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