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    • benten69
    • By benten69 6th Mar 18, 11:06 AM
    • 305Posts
    • 1,311Thanks
    Oops! ISA Mistake
    • #1
    • 6th Mar 18, 11:06 AM
    Oops! ISA Mistake 6th Mar 18 at 11:06 AM
    So just got my new ISA from Nationwide opened today and for the first time I can see the account in my online banking. I immediately transferred in £500, then a few hours later I realised that I have another ISA with a different provider which I have deposited into this year, so I immediately transferred my £500 back out of the Nationwide ISA.

    As the Nationwide ISA is a flexible ISA will their reports to HMRC show my account as "NIL" when it goes to them after April 5th? Or will it show them I deposited money into 2 accounts during 1 tax year.

    I have not used my total ISA allowances for the year, nor have I used my total interest free allowance for the year based on my income for non-ISA accounts (£1000 tax free interest for basic rate & £500 for higher rate income).

    So in terms of paying tax on interest it shouldn't make a difference.

    Both are Cash ISA's also. Anyone have any ideas what HMRC will say in regards to this?

    Will wait until April 6th before I put any more money into the new ISA.
    Emergency Fund Savings - 60.9% Complete
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    Mortgage Sept '15: £161,250 | Feb '18: £151,651.01

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