isa subscriptions

toolbox244

I currently hold an online cash isa. i have paid in £184 over my isa allowance (£5100) so the balance is £5284. i have tried to ring hmrc to notify them of the error but have been left on hold for 30min and therefore not been able to get through.
Please can anyone tell me what will happen due to this error?

Stompa

http://www.hmrc.gov.uk/isa/faqs.htm#16

dunstonh

If this is your first mistake with an ISA then dont worry about it. You get one "get out of jail free card" where they tell you that you overpaid and not to do it again.

leahciM

dunstonh wrote: »

If this is your first mistake with an ISA then dont worry about it. You get one "get out of jail free card" where they tell you that you overpaid and not to do it again.

Out of curiosity; what happens if you do this a number of times?

Mikeyorks

toolbox244 wrote: »

Please can anyone tell me what will happen due to this error?

Nothing ...... as you're under the overall ISA limit of £10200 ...... and provided this is your first transgression. You may get a letter from HMRC sometime after mid-2011 telling you not to do it again, but nothing more than that.

leahciM wrote:

Out of curiosity; what happens if you do this a number of times

Excess subscriptions removed from the ISA + the interest accrued thereon ... and the interest charged to tax.

ironlady2022

Mikeyorks wrote: »

Nothing ...... as you're under the overall ISA limit of £10200 ...... and provided this is your first transgression. You may get a letter from HMRC sometime after mid-2011 telling you not to do it again, but nothing more than that.

The £10200 applies to £5100 in Cash and £5100 in Stocks and Shares. You cannot subscribe more than £5100 into Cash ISAs, however you can allocate the full £10200 to the stocks and shares side. Another case scenario would be if you subscribed £3000 into a Cash Isa this year, you can still subscribe the £7200 to the Stocks and Shares side.

Mikeyorks

mayling03 wrote: »

The £10200 applies to £5100 in Cash and £5100 in Stocks and Shares.

Thanks .... I'm well aware of the limits and permutations. The question was regarding a mild oversubscription on the Cash ISA side? The answer correctly reflects HMRC attitude to such errors (as also at post #3)

ironlady2022

If you subscribe over your Cash Isa limit, it doesn't matter if you are under the £10200 limit overall, you will still get a letter from the HMRC. No wonder you're criticising my other posts.

Mikeyorks

mayling03 wrote: »

No wonder you're criticising my other posts.

I've criticised the fact you don't read posts ..... either that or you don't understand. Your first post on this thread quotes my response to someone .... then you go on to prove you've neither read the original nor understood what I was replying to.

Now you about face - and say a letter will be issued. Proving you have neither read post #3 nor post #5.