confused about isa's

pawlala

Lokolo wrote: »

You go to jail, directly to jail and you are not allowed past Go.

In seriousness you will get a stern letter from HMRC warning you not to do it. If you do it again, I don't know what would happen.

A summons to court and no bail. In seriousness, probably another letter.

gadgetmind

pawlala wrote: »

A summons to court and no bail. In seriousness, probably another letter.

I hear they warn people about starting multiple ISAs in one year (other than cash+S&S which is allowed) but take a harsher line regards people going over the limits.

Earlier this year, I had a S&S ISA to which I could contribute another £8.23 to get to the £10680 limit. I checked that bloody number ten times before pushing the button!

You should see how long I hesitate when it's anything to do with CGT limits!

pqrdef

scott_m wrote: »

what happens if you go over?

What should happen is that the bank returns the excess cash.

HMRC will never know unless the bank tells them, and the bank is hardly likely to send in a return that says it hasn't been doing its job.

If you have both a Cash ISA and a Stocks & Shares ISA, then HMRC has to check the total as the providers can't.