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Posted Thu, 21 Nov 2024 16:10:19 GMT by cbjroms Jones
I have a Cash ISA with Barclays, who pay interest on a monthly basis into my Barclays current account. I have been manually paying it back into the ISA account. I have just made a payment equivalent to my 24/25 Annual Allowance into my Cash ISA, on the understanding that ISA interest does not come-off my Annual Allowance. Just spoken to Barclays and it does not agree. It has advised that the interest will be added to the payment I have just made and thus I will be exceeding the Annual Allowance. Is this correct and what should I do now?
Posted Wed, 27 Nov 2024 11:56:50 GMT by HMRC Admin 17 Response

Hi ,
 
As you are taking the interest from your bank account and paying it into an ISA, it counts towards your £20,000 allowance. 

If you have exceeded this allowance, you will need to discuss with your ISA provider.

Thank you .

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