Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 08 Aug 2024 17:33:17 GMT by cof_92
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...
Posted Tue, 20 Aug 2024 14:02:44 GMT by HMRC Admin 17 Response

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

Thank you . 
Posted Sun, 25 Aug 2024 23:16:03 GMT by CKLee
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.
Posted Fri, 30 Aug 2024 04:20:40 GMT by CKLee
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
Posted Fri, 06 Sep 2024 08:44:42 GMT by HMRC Admin 25
Hi CKLee,
HMRC will contact you in due course as one of the ISA'S interest will now be taxable.
Thank you. 
 

You must be signed in to post in this forum.