opened 2 cash isas by mistake

dorrieem

Hi
can anyone advise on what I need to do, I have opened 2 cash isas in the same tax year.
do I need to report this to anyone, as I know its not allowed.
help - what should I do?


many thanks in advance!

moneysavinggirl40

when this happened to me..because i had a normal savings account with the provider at the end of the year it bounced into there.

hotpot1000

I did it- I transferred all my barclays isa to a new barclays one when the rate finished, didnt realise it wasnt quite the new tax yr,

it was all taken fm new isa & put in my barclays current account- not back into my old isa -so I lost all my entitlement, I rang and someone promised to help but never got back to me.

Lansdowne

If you have opened 2 cash ISAs and paid money into both of them, this is not allowed and you really should report to the Revenue that it has happened. If the total of both puts you over the yearly limit they may take action, perhaps to close one. If the amounts are smaller they may just tell you to sort it out. Others may know exactly what happens in these cases.

innovate

Just opening more than one ISA is not against the rules. Paying into one when you have already paid into another one which is still open is.

What exactly did you do?

The HMRC tad vise not to try and correct it yourself since they will determine what needs to happen:http://www.hmrc.gov.uk/isa/faqs.htm#15

dorrieem

thanks for the advice and link.
yes have opened and paid into 2 cash isas


looks like I need to just wait for them to contact me


cheers