Subscribed to more than one ISA, what should I do?

carpy

jimbow25 wrote: »

I remember reading a post on her once before - someone called HMRC because they'd done this by mistake and were told basically they were right to report it but just don't do it again, but they didn't actually force them to pay tax or void the ISA - I guess there's no guarantee they'd be as nice to everyone though.

glider3560 wrote: »

I think it is pretty standard, provided you come clean as soon as you realise (i.e. within the tax year). My understanding is most people just get a simple slap on the wrist "don't do it again". ISA isn't voided and no tax payment requested.

sounds like i'll be ok this time then. i'll just make sure i don't do it again!!:D

glider3560

carpy wrote: »

sounds like i'll be ok this time then. i'll just make sure i don't do it again!!:D

Just make sure you tell HMRC asap - don't wait until they find out (which could be several years time).

Mikeyorks

carpy wrote: »

just realised i subscribed to 2 ISA's back in April for this current tax year, £2k in one and £1.6k in the other so i haven't gone over £3.6k but obviously it shouldn't be split between more than one ISA!!!

it's getting on for a year and haven't heard anything so am tempted to just leave things but i guess they'll (HMRC) will catch up with me eventually.

The ISA providers don't report to HMRC until after the year end (well after!) in Apr 2010. So you won't be hearing any time soon.

Just let it lie ..... don't ring the ISA helpline. If you've only contributed £3.6k overall they may not even write. As, this year, with the stupidity of £5.1k allowable to age 50 and over but £3.6k otherwise ........ it's going to be chaos when they get the annual returns! Just forget about it.