cm0805

Could you kindly elaborate what you mean by 'repaired'?

This is very helpful. Thank you so much @HMRC Admin 20. Regarding the 2nd stocks and shares ISA - is there any HMRC rule / direction to define which one is the 2nd ISA? Or, is it purely based on which I opened / invested in at a later date?

Hi - I have just started my investment journey. As part of that, I started investing into Stocks & Shares ISA. However, what I didn't realise was that I am not allowed to invest in more than 1 account per ISA type in the same year and ended up investing into 2 accounts this year. After speaking to my ISA providers, I have been advised to sell all the shares and close 1 account. What I would also like to understand is how will my capital gains from the closed ISA account be treated. 2 questions regarding this: 1. Will the capital gains from the closed ISA account be taxed as a general investment or will this continue to be exempt from tax as a normal ISA investment by HMRC? 2. Based on question 1, how will this impact the £20k ISA investment allowance for the tax year - i.e., will the investment in the close ISA account be counted towards the £20k limit? Looking forward to the clarification.