Accidental ISA Exceed - next steps?

Hi, Just replying to this: "Hi, Any excess over the ISA limit will not have the protection and any interest will be classed as taxable income. Also as a non resident you cannot pay into an ISA so any interest earned in this period will also not be exempt. You can contact us with details to tell you if any tax is due to be paid. Thank you." I have tried, I was told to call my ISA provider, who also do not know the answer...

Hi,
 

HMRC will contact you in due course to confirm that any excess will be taxable income . Thank you .

Hi, I have just found out the year allowance of across all ISAs is limited to £20000, and it seems I have made a mistake. From June 2023 to March 2024 I have paid £4000 into my lifetime ISA, while I have opened a cash ISA at September 2024 and put 20,000 into it. Please tell me what to do to rectify the problem. Thank you very much in advance.

Hi, I am terribly sorry for the typo. They are from the same year. From June 2023 to March 2024 I have paid £4000 into my lifetime ISA, and £20,000 into a cash ISA at September 2023. I therefore exceeded the amount by £4000, if I am not wrong. Sorry for the inconvenience caused. CKLee

Hi CKLee,
HMRC will contact you in due course as one of the ISA'S interest will now be taxable.
Thank you. 
 

I have over the last three tax years I paid the maximum into a Cash Isa. However, inadvertently money from my investment portfolio has gone into my Stocks & Shares ISA over the same period accidently exceeding the limit. I have heard nothing from HMRC. over this time. What do I do?

Hi,

The interest earned on the stocks and shares ISA will need to be reported as taxable income for each year and you should send details in writing to HMRC PAYE & Self Assessment BX9 1AS.

Thank you.

I have accidently exceeded the limit on my ISA. I have then contacted my ISA provided and removed the excess. I did not gain any interest or gains in the excess. Is there else I would need to do?

Hello I put around about £12,000 into an isa last May then removed it all , but last month I put £15,000 back in and now I’m unsure if this counts as exceeding my Isa limit of £20,000 , if it does mean I exceeded the limit can you tell me the next steps I need to take ?

Hi ,
 

If you have oversubscribed in the current 2024/25 tax year, you can contact your ISA provider to instruct them to  remove overpayment amounts to correct the error. If the error occurred in a previous tax year, then you should not do anything. You should not attempt to correct the situation. HMRC will write to you after the end of the tax year in question if appropriate. Thank you .

I accidentally reached my cash ISA limit, but only because I didn't realise it wasn't flexible. Since April, I have transferred around £8,000, and my balance is currently around £12,000. What happens if I transfer my non-flexible ISA to a flexible ISA provider?

Hi,
Transferring to another ISA will count towards your £20,000 annual allowance.  If you exceed this amount, you will need to contact your ISA provider and let them know.
Thank you

Hello. In tax year 23/24, I had a flexible ISA account opened with an amount of 20,000 which matured in September 2024. I thoughtlessly opened a new account in another Bank and deposited 20,000 there but this is the 24/25 tax year. I think I've exceeded the limit, but I'm not sure. Have I exceeded the limit by 20,000? . That's a lot? What should I do now and will I pay the fine? In what amount.? That is, nothing from my saving??? Thank you very much for the answer.

Hi,
 

If you have oversubscribed in the current tax year, you can contact your ISA provider to instruct them to remove overpayment amounts to correct the error. If the error occurred in a previous tax year you should not do anything. You should not attempt to correct the situation. HMRC will write to you after the end of the tax year in question if appropriate. Thank you .

Hi. Thank you for answer. Can I leave it as it is? Will anything happen if I don't contact the supplier? If I overpaid 20,000 I will pay tax from the time of overpayment moment. Do I understand this correctly? Will HMRC contact me about this tax? Thank you

Hi mm29,
If the error occurred in a previous tax year you should not do anything.
You should not attempt to correct the situation.
HMRC will write to you after the end of the tax year in question if appropriate.
Thank you.

Hi. I’ve misunderstood the flexible isa rules and withdrew funds from one isa then replaced them in another isa. I now realise this was incorrect. What do I need to do please? Many thanks.