Post by scooter on Apr 14, 2021 11:53:11 GMT
I did. Just trying to diversify..... Got confused...
It took a long time to get HMRC to give me advice, so I thought I would share it.
"When more than one of the same type of ISA has been paid into in a tax year, there is no need for the taxpayer to try and correct the situation.
It took a long time to get HMRC to give me advice, so I thought I would share it.
"When more than one of the same type of ISA has been paid into in a tax year, there is no need for the taxpayer to try and correct the situation.
Even though the ISA rules have been breached, in the event you have not exceeded the overall limit of £20,000, then it is unlikely that we will take any action and we will allow you to retain both ISA’s and its subscriptions. If the £20,000 limit is exceeded, our Savings and Audit compliance department are responsible for dealing with the over-subscriptions to ISA’s. Banks are required to submit an annual report to HMRC each year and it is from that information we make our determinations. A full review will made after the end of the tax year once banks have submitted their annual reports to us and, if appropriate, we will send you an advisory letter."