paid too much into my isa accidently

isotonic_uk

Hi

I made a terrible mistake and wanted some advice on what will happen now.

I recently made a big payment into my isa so I could pay my full amount of £3600 early.

Over the past few months I have been paying in via a standing order.

The problem is I forgot to cancel my standing order and now I have gone over the £3600. I noticed it today going out of my account into my isa.

I have a cash isa with Nationwide. Does anyone know what happens? will they refund the difference, do I need to go in to a branch or can I do it over the phone?

Any advice would be most appreciated.

Thanks

Blah99

Call the HMRC ISA Advice Helpline on 0845 604 1701 and explain that you've been a silly, careless boy

They deal with this mistake all the time, they'll help you get it sorted.

maypole

I would imagine they will get in touch to tell you of your mistake

Mikeyorks

isotonic_uk wrote: »

Does anyone know what happens? will they refund the difference, do I need to go in to a branch or can I do it over the phone?

As the overpayment is contained within the same ISA Manager .... they should have systems in place to check you don't subscribe more than £3.6k to a cash ISA.

So you can either just cancel the SO now and see if they contact you .... or you contact them (Nationwide .... not HMRC). If you simply leave it - and they don't pick it up - the worst that will happen is you will get a letter from HMRC sometime after (well after) Apr 09 telling you not to do it again. As you're within the overall ceiling of £7.2k they're unlikely to require you remove funds / suffer tax on any of the interest or restrict a subsequent year allowance.