over isa allowance.

daniel80

What happens if you go over your allowance. I have been drip feeding £300 per month with H Lansdown after also investing a lump sum. I just remembered I also topped up a cash isa with Birmingham Miidshire with about £3000. Just done a quick check and have exceeded the limit by about £600. Not sure what to do, keep quiet or come clean. Would not know where to start with the second option.

innovate

HMRC will probably eventually catch up with this, since they get reports from all the ISA providers, with your NI number.

You could ask your providers, or the HMRC directly - - it's not a crime, you haven't done it deliberately, you just made a mistake and they can rectify it by returning the overpayment to you.


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

thenudeone

Is the H Landsdown one a Cash ISA or (more likely) a Stocks & Shares ISA?

You can put £5640 in a cash ISA PLUS £5640 in a S&S ISA each year (or £11280 in a S&S ISA only).

If you go over the limits the providers should spot it very quickly and return the funds.

tanith

I did this and rang HMRC as it was a genuine mistake they just told me not to do it again and the money was returned.. they will find out if you don't tell them the bank will.

Vortigern

thenudeone wrote: »

If you go over the limits the providers should spot it very quickly and return the funds.

Not if cash ISA and S&S ISA are with different providers; neither will know what you have subscribed to the other.

daniel80

Thanks for your reply's. False alarm after checking the cash isa was a transfer in,so I can carry on with my monthly drip feeding.

innovate

Doh!

Please it worked out alright for you, and thanks for the update