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SallyG
Posts: 850 Forumite
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?
Who would alert me to my error?
Is there a penalty?
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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.0 -
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 site0 -
MoneySaverLog wrote: »come down on you like a tonne of bricks.
It's not just me who dislikes it then.
Early day motion 28930 -
MoneySaverLog wrote: »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."0
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