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Posted Wed, 15 Mar 2023 10:16:03 GMT by Lisa Atkinson
I realised I have accidentally paid into two S&S ISAs this year. Total contributions are under the £20k limit and I’ve actually lost money on both ISAs so there’s no gains that are taxable. Do I need to take any action at this stage? I have realised my error and have stopped further payments being made into one of the ISAs for this tax year.
Posted Tue, 21 Mar 2023 08:50:03 GMT by HMRC Admin 20
Hi Lisa Atkinson,

You will be contacted after the end of the tax year to advise that one of the accounts is not classed as tax free and any interest earned will fall under the personal savings allowance.
If this is over £1000 (or £500 if your are higher rate) you will be subject to tax on it.

Thank you.

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