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Accidently gone over ISA tax allowance.

Posted Mon, 04 Dec 2023 10:56:56 GMT by
I have just realised I have accidently gone over isa tax allowance by £4600. Tried phoning HMRC but have ended up waiting on the phone for ages and not getting through. Has anybody got any advice? Would greatly be appareciated.
HMRC Admin 19 Response
Posted Wed, 06 Dec 2023 15:06:22 GMT by HMRC Admin 19 Response
Hi,

As you are only allowed to invest £20,000 per year, anything over this is liable to Income Tax and is no longer tax free under the ISA rules. HMRC will contact you in due course to advise you of how much now comes under your personal savings allowance income.

Thank you.

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