Dilemma after transfer

Archi_Bald

Contrary_clive wrote: »

Most providers probably have exception reports to pick up this kind of thing. Should you not hear anything within the next few weeks I imagine you're likely to get away with it.

The HMRC will not receive the statutory annual ISA Manager report for 2014-15 until well into 2015. Therefore this may not be settled within the next few weeks.

Transfers in are part of the data ISA Managers need to report.

http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf

masonic

I'd be quite keen to contact the ISA provider and point out the mistake. Going by some of the other experiences posted, I'd be too worried that they'd decide it belonged to someone else and it would simply disappear one day.

badger09

Vortigern wrote: »

http://www.hmrc.gov.uk/isa/faqs.htm#16



It doesn't exactly match your scenario, but the recommended (in)action seems appropriate.

HMRC guidance is that you should not try to correct your mistake yourself.

However, that is entirely different from drawing their mistake to the ISA manager's attention

masonic wrote: »

I'd be quite keen to contact the ISA provider and point out the mistake.

Agreed, though not necessarily for the same reason

xylophone

However, that is entirely different from drawing their mistake to the ISA manager's attention

Hmm........we all know what silence means...:)

jimjames

temp1234 wrote: »

It's not a contribution though! I agree that would be a red flag but it's simply a transfer.

Hmrc have no knowledge of isa values, just the amount paid in so I'd expect it is entirely possible that they would never know. Whether the platform would is another matter.

lejog2003

Errors similar to this don't seem to be uncommon with transfers.

Eg see this post where SIPP funds have moved to an ISA, this post (ISA to trading) and slightly differently my post where pension already taken from my SIPP was not reported to the new provider.

Only you can decide whether you wish to take the risk, just be aware that if HMRC do find out they are well capable of chasing you for the rest of your life, How much policing they do of such things HMRC are never going to publicise for obvious reasons.

temp1234

Thanks everybody. I'll sit on it for a week and let my subconscious decide, but I'll probably contact them. I'm not sure I'm quite dishonest enough to just let this ride (probably unfortunately in this case)

I've seen/read very little to suggest that this would ever be picked up... ho hum...