Michael647

Dear Sir/madam, Regarding my post from a few days ago I have now today received confirmation advice from my provider that the £1 over subscription can be withdrawn as long as HMRC are aware that it was opened in error and it will be subject to taxation for the very small/negligible amount of interest accrued over the 5 days (4/7/2024-9/7/2024 @ 3.3%). The cash ISA will remain open but will be funded with money from previous years ISA's once they adjust their system to allow for this to be carried out. 

Good morning, My provider now offers an option to move money from previous tax years from my stocks and shares ISA into a cash ISA. I opened the cash ISA in their system as designed with £1 which would then allow me to move the money from the Stocks and shares ISA. I have since had a thought that as I already have subscribed to the full cash isa amount this tax year with another provider I have possibly oversubscribed by £1. This only just happened yesterday and the cash isa is sitting in my account with just the £1 in it. ( I need the cash isa open to move money out of my stocks and shares(previous years ISA's) and into cash so as to consolidate for old age/retirement as i am 66 in October) Could I perhaps leave it as is and declare the £1 as savings and subject to possible taxation ? or As it only happened yesterday, reverse the procedure and take the £1 out ? (This would mean the cash isa is not complete therefore I cannot move money into it according to my provider which would mean i cannot do any consolidation until next April's new ISA allowance) Please could you advise on the best course of action. Many thanks in advance.

Good morning, My provider now offers an option to move money from previous tax years from my stocks and shares ISA into a cash ISA. I opened the cash ISA in their system as designed with £1 which would then allow me to move the money from the Stocks and shares ISA. I have since had a thought that as I already have subscribed to the full cash isa amount this tax year with another provider I have possibly oversubscribed by £1. This only just happened yesterday and the cash isa is sitting in my account with just the £1 in it. ( I need the cash isa open to move money out of my stocks and shares(previous years ISA's) and into cash so as to consolidate for old age/retirement as i am 66 in October) Could I perhaps leave it as is and declare the £1 as savings and subject to possible taxation ? or As it only happened yesterday, reverse the procedure and take the £1 out ? (This would mean the cash isa is not complete therefore I cannot move money into it according to my provider which would mean i cannot do any consolidation until next April's new ISA allowance) Please could you advise on the best course of action. Many thanks in advance.