Accidentally paid in more than £20,000 in one tax year to 2 cash ISAs

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

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.

Many thanks. I have now removed the additional £2000

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.

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.

when my ISA matures (£20,000), it rolls over and still gets tax relief. And can I buy another £20k? And leave everything in for next year and buy another ISA for £20,000. and do the same every year even though the limit to buy is £50k ,is it all tax free

Hi ,
 

You can . Thank you .

Hi How can I void the first ISA I created, in this example the £20k isa opened in July 2023 to ensure the second ISA created receives the tax free allowance (ISA opened in October 2023) Both are flexible isa so if I remove the money from the original ISA will that suffice?

Hi Gh1,
As this is for the 23/24 tax year, no. you will now need to wait for HMRC to contact you as one of the accounts will not qualify to be tax exempt.
Thank you. 

Hi, I have a Stocks and Shares ISA and have used up my full allowance this year. Due to recent stock market volatility, I decided I would prefer to move my funds to a new Cash ISA. To be certain of getting a bonus rate I needed to make a deposit of 1 pound. I made the deposit to the Cash ISA and withdrew 1 pound from the Stocks and Shares ISA. It took a day or two for that withdrawl to be processed. So technically, I will have been 1 pound over my allowance for a few days. Is this something HMRC are going to be worried about ?