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Posted Tue, 02 Jan 2024 12:48:37 GMT by
I had a CASH ISA from a previous year and opened a new one with a different provider this year. I paid some funds into the old existing one this year . I also paid into the new one. Until very recently I thought as long as you only opened 1 ISA of each type per year this was fine. Can you please confirm what I need to do so that this doesn't become a problem at the end of this tax year. I have not exceeded my annual personal allowance overall. I don't complete self assessment.
Posted Wed, 10 Jan 2024 11:17:14 GMT by HMRC Admin 10 Response
Hi
As you can only pay into 1 cash ISA, each tax year, you will need to decide which one you want to keep as the ISA and close the other. any interest received in the account to be closed will form part of your personal savings allowance to be classed as taxable income.
HMRC will contact you in due course to confirm any actions.

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