Paid into two Stocks and shares isas last tax year

markyyyyyy

Hi,

I didn't realise the rules of ISA's (stupidly) until very recently, and now its a bit too late ....

I have had a m and g stocks and shares ISA for 4 years now, which last tax year, i drip fed £50 into each month.

I also opened up a fundsmith ISA, which i invested a lump sum in to.

This means that i have invested in two stocks and shares isa's in the 2014/15 tax year.

Please can someone give me advice on what to do? Will i have to pay any penalty fees for doing this? I have tried on numerous occasions to ring the ISA helpline, however i have hung up after 30 minutes as they are not answering!

Any advice is much appreciated

Thanks, Mark

InvestInPoker

Phone HMRC and tell them. There is a guide on their website somewhere telling you to do this. They will tell you what to do. Even if you don't tell them they will spot it so just own up to them now and you will not be in any major trouble.


If their line is busy a lot or you find it hard to get to the right person you just have to persist with them until you do. There is an element of "You have to deal with us" with HMRC and it is fair enough imo.

xylophone

It is clear that you need to ring the ISA helpline.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/individual-savings-accounts-isa-enquiries

Try early in the morning, just before 8am.

colsten

Please feed back what HMRC said. Thanks

masonic

It will be interesting to see what happens in this case. Most precedent is based around cash ISAs where there is a tangible benefit. In the case of S&S, removal of the ISA wrapper would leave you liable to CGT on the fund units bought with the invalid subscriptions, but likely no liability will exist unless they have shot up in value to an astronomical extent. If you are a higher rate taxpayer, then it could be a little more problematic regarding dividends though.

This could just amount to you ending up not having utilised as much of your ISA allowance for 2014/15 as you could have (assuming you didn't oversubscribe overall).

Wilkins

I accidentally started two cash ISAs one year. Eventually I got a letter from HMRC saying that I'd been a naughty boy, but that they would overlook it this once (I guess they just adjusted my tax code). However, if I did it again, they'd break my legs.