I've got both Maxi and Mini ISA for this year. what happens?

andyjw1966

I've recently taken out a Mini cash ISA with egg, I then realized that I’ve been putting a small amount of money each month £25 into a shares ISA, so I thought I should check what sort it was. When I checked I discovered that it was a Maxi ISA.

I've therefore got both a Mini and a Maxi going for this year.

I know you should not have both, what should I do?

tom188

I believe that the egg one will be made null and void, as the Maxi one was opened first. You should contact egg and they will do cancel it.

oldagetraveller

And when you eventually get the "slap on the wrist" letter from the Inland Revenue just advise them that you made a mistake and closed the Egg ISA as soon as you realised your error.
I did the same a few years ago with two mini cash ISAs and the IR were very reasonable.

Ian_W

"Mistakes do happen. If you do invest in more than one ISA in a tax year, the second ISA will not be tax-free. If this has happened call our ISA helpline. Have the details of your ISA accounts to hand when you call."
From HMRC Fact Sheet on ISAs.
Helpline No is 0845 604 1701 though you may want to see if there is a geographic version on saynoto0870 website.