ISA Subscription Error

Wight_Rabbit

I have made an error trying to set up a Stocks and Shares ISA.

I have £5640 in a cash ISA I would like to transfer to stocks and shares.

I have already opened a H&L account and closed a non ISA savings account to make up the remaining value for £11,280.

Of course on closing the non ISA account I was paid interest and quite absent mindedly opened the H&L S&S holding account with the savings plus interest.

I now have cash in a cash ISA and money in a H&L account and will do a transfer.

BUT! I am now £23 over the allowed limit of £11,280. What do I do to overcome this and will I incur a massive fine. It really is a genuine absent minded error. :eek::eek:

So to simplify:

H&L Account funded by closing a normal savings account. Value plus interest paid into H&L account

Cash ISA with £5640 in it

Total of H&L and Cash ISA is £23 OVER The yearly limit.

grizzly1911

Wight_Rabbit wrote: »

I have made an error trying to set up a Stocks and Shares ISA.

I have £5640 in a cash ISA I would like to transfer to stocks and shares.

I have already opened a H&L account and closed a non ISA savings account to make up the remaining value for £11,280.

Of course on closing the non ISA account I was paid interest and quite absent mindedly opened the H&L S&S holding account with the savings plus interest.

I now have cash in a cash ISA and money in a H&L account and will do a transfer.

BUT! I am now £23 over the allowed limit of £11,280. What do I do to overcome this and will I incur a massive fine. It really is a genuine absent minded error. :eek::eek:

So to simplify:

H&L Account funded by closing a normal savings account. Value plus interest paid into H&L account

Cash ISA with £5640 in it

Total of H&L and Cash ISA is £23 OVER The yearly limit.

Take the £23 out?

If it ever registered claim it was an oversight.

I don't think the Scrubbs beckons.

Totton

Simple phone call to HL will give you peace of mind I expect, they are usually very helpful on the phone.

Porcupine

And if you want to confess your 'crime' then you could give HMRC a ring. I suspect you'll be told 'you've been a naughty boy, don't do it again' and that will be it. The tax evasion prisons have more deserving occupants.

alanq

grizzly1911 wrote: »

Take the £23 out?

That won't work. Once the £23 has reached an ISA account then withdrawing it won't reduce the total of funds deposited during the tax year.