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Posted Thu, 14 Dec 2023 13:08:07 GMT by
Hi HMRC, I have 2 x stocks and shares ISAs. I’ve been buying stocks using only one of these in the current tax year but noticed the other day that the other one was running low on cash that I use to pay the monthly management fee. I deposited £20 into this account in order to cover the fees, but then it occurred to me that this may count as paying into 2 ISAs of the same type in the same tax year. I didn’t place any trades with the money and there is no tax benefit from having the money in there, it’s just held as cash to cover fees. Could you confirm if this is within the rules? Thanks, Sam
Posted Tue, 19 Dec 2023 15:05:28 GMT by HMRC Admin 5 Response
Hi

This is still classed as making a deposit in 2 ISAs.

Thank you
 
Posted Tue, 19 Dec 2023 15:09:50 GMT by
Hi, thanks for letting me know. Could you let me know what the next course of action will be?
Posted Fri, 22 Dec 2023 14:50:39 GMT by HMRC Admin 5 Response
Hi samworrall123

You will need to contact your ISA provider to let them know you have paid into a second ISA.  They will be able to advise you and take the necessary action to resolve the situation.

Thank you
Posted Tue, 26 Dec 2023 13:36:21 GMT by
Hi HMRC, I contacted the ISA provider and they told me to sort it with you. Would you please be able to advise on any next steps from your end? Thanks in advance! 
Posted Mon, 08 Jan 2024 13:04:08 GMT by HMRC Admin 5 Response
Hi 

You will be contacted in due course to advise what actions are required/have been taken.

Thank you

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