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Posted Wed, 17 Jul 2024 12:21:46 GMT by Jbertie
Hi, I recently moved abroad and am no longer a tax resident in the UK and will not be for another few years atleast. I am not much of an investor in nature but decided to add 2k to one of my isas I haven't used for a long while. This was put into a stocks and shares isa (has gained about 20% in value since I put it in). I have not sold or withdrawn any of the money yet Having since done some reading (which i now know i should have done before), this is not allowed and is in breach of isa regulations which appears serious. Any advice on how to rectify with hmrc and any penalties, charges etc. Now I have realised my mistake I am panicking and want to avoid any punishments and sort this as it was a genuine mistake
Posted Thu, 18 Jul 2024 17:14:21 GMT by HMRC Admin 20 Response
Hi,
As it should not benefit from the porotection of ISA, any interest earned will be taxable inomce.
HMRC wil contact you in due course.
Thank you.

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