We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

ISA Oversubscribe

Options
What happens if I subscribe to two different cash ISAs in the same tax year by mistake?
Who would alert me to my error?
Is there a penalty?

Comments

  • ticktack_2
    ticktack_2 Posts: 172 Forumite
    SallyG wrote: »
    What happens if I subscribe to two different cash ISAs in the same tax year by mistake?
    Who would alert me to my error?
    Is there a penalty?

    When you apply to open a cash ISA, they take your N.I. number and check you haven't deposited into any cash ISA in the current tax year. So unless you give a false N.I. number, it's not likely you'll subscribe to two cash ISAs in the same year.
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    It probably wont stop you from subscribing to 2 ISA's but what may happen is HMRC will be informed at the end of the tax year and you will get a warning letter (slapped wrist) from them.

    I believe they operate a 2 strikes and your out, so do it again and they come down on you like a tonne of bricks.

    The link above is good advice on HMRC site
  • ben501
    ben501 Posts: 668 Forumite
    Part of the Furniture 500 Posts Name Dropper
    come down on you like a tonne of bricks.

    It's not just me who dislikes it then.

    Early day motion 2893
  • It probably wont stop you from subscribing to 2 ISA's but what may happen is HMRC will be informed at the end of the tax year and you will get a warning letter (slapped wrist) from them.

    When I accidently did this in 2009, I received a letter from HMRC within a month or so and the bank just voided the 2nd ISA and sent my money back.
    Like all religions, the Faith of the Invisible Pink Unicorn is based upon both logic and faith. We have faith that she is pink; we logically know that she is invisible because we can't see her."
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.