What are the consequences for breaking the rules?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I've noticed a few people lately asking about transferring ISAs and people replying to make sure that you don't pay into the new ISA until the transfer is complete as you can't have 2 ISAs active in the same tax year.

Out of interest, what are the consequences of doing this? What if I opened 10 ISAs and paid £5k into each in the same year?

Cheers

Stu

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