Help I may have made an ISA boo boo!

Needamiracle_2

I posted this earlier! "Hi I am recently retired and have received my lump sum pension. I had an ISA from 2012/13 with only £9 in it and I opened a Fixed Rate ISA with the Halifax prior to the tax year ending 2013/14 with the full allowance. Today I have transferred more money into both. I forgot the new ISA amount had gone up so did not quite put all my allowance into the Fixed Rate one. I also have not quite got the full allowance in the other."

I have just been advised I should not have made the payment today and should try and correct it! Is this right and please How do I correct this? :eek:

ColdIron

kidmugsy wrote: »

I suggest you start a new thread immediately with a title calculated to get you advice on how to undo this error. I suggest you open it at the ISAs forum.

Not much point in a new thread in the same forum as your other post

evenasus

Needamiracle wrote: »

I have just been advised I should not have made the payment today and should try and correct it! Is this right and please How do I correct this? :eek:

I suggest you contact HMRC to correct your problem.

http://www.hmrc.gov.uk/isa/faqs.htm#15

Q. How many ISAs can I have?
A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA.


Q. What if I pay into too many ISAs?
A. If, by mistake, you put too much money into your ISAs (more than £11,520 in the tax year 2013-14, of which up to £5,760 can be put into one cash ISA), the excess payments are invalid, and you are not entitled to any tax relief on investments purchased with the excess payments.

You should not try to correct this mistake yourself. Where appropriate, HMRC will contact you after the end of the year and tell you what action is necessary.

Q. What if I pay too much money into my ISAs?
A. If, by mistake, you put too much money into your ISAs (more than £11,280 in the tax year 2012-13, of which up to £5,640 can be put into one cash ISA), the excess payments are invalid, and you are not entitled to any tax relief on investments purchased with the excess payments.

You should not try to correct this mistake yourself. Where appropriate, HMRC will contact you after the end of the year and tell you what action is necessary.