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Posted Mon, 22 Mar 2021 11:02:36 GMT by Anthony Schofield
I was reading the newspaper on Saturday 20th March 2021, and the article I was reading stated that you could only pay £20,000 into only 1 ISA during any Tax year. I was ignorant of this regulation and have breached this because I had placed contributions into 2 ISAs in the 2020-2021 Tax year. Total contribution was less than the £20k limit. Two reasons for my action - 1) I wanted to buy stocks not available in my existing ISA 2) I had read that funds are only secured to the £85k limit per ISA provider and wanted to ensure that I acheived full cover. What should I do to remedy this inadvertant action? T
Posted Tue, 23 Mar 2021 14:16:00 GMT by HMRC Admin 5
Hello.

You should not try to remedy the situation.
HMRC will be in touch after the end of the current tax year to advise on the next steps. 

Thank You.

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