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I've paid into 2 stocks and shares ISAs this tax year - what now?
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elcaminante
Posts: 5 Forumite
Hello all - got myself into a mess. I've just opened a new stocks and shares ISA this tax year 19-20. I already have another one which I opened last year 18-19. I knew I could only open 1 each year but I didn't realise I could only pay into 1 each year, and I've already paid into both (but not gone over the allowance)...I called HMRC and was just told to wait for a letter, but it might take months. I wanted to transfer an existing cash ISA to one of these stocks and shares ISAs so I'm not sure what to do now... Has anyone else on here made this mistake? Can anyone give me any advice on what HMRC will do and whether I should go ahead with the transfer of my cash ISA to one of these stocks and shares ISA? Thanks all.
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Comments
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Your post is slightly confusing.
opening the account is different to using you allowance.
Lets say you opened an account with fidelity on 2nd January 2019 - that is in the 18/19 tax year - you had until the end of the tax year (1st week April) to put your allowance into it.
on 10th April, you are in the 19/20 tax year. You can contribute another 20K to your ISA account with fidelity (or another provider) - the cash ISA transfer (presumably from another period) can be moved irrespective as this is already under the ISA wrapper....
Think of ISA like this: The account account you put them into is just like any other saving or investment account - the difference is that whatever is in there is safe from tax (called in the ISA wrapper) you can put 20K in the ISA wrapper each year, then once its there you are free to move it around without impacting your current allowance.0 -
elcaminante wrote: »I knew I could only open 1 each year but I didn't realise I could only pay into 1 each year
Now that you've advised HMRC and been told to wait for a letter, I'd just leave things as they are until you hear from them, rather than potentially complicating matters by making any more false moves.
Edit: you can read up on how ISA managers should handle this situation (after advice from HMRC) at https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#repair-void0 -
It didn't seem confusing to me, if I understood correctly he has paid into two separate S&S ISAs in the same tax year.
Under the strict statutory approach, breaches of the ISA regulations lead, in many cases, to voiding of the ISA. If an ISA is voided, auditors will recover from the manager any relief given to the investor by the manager, and the investor’s tax office will recover from the investor any capital gain or higher rate tax due.0 -
Yep that’s what I’ve done, paid new money (this year’s allowance) into 2 stocks and shares ISAs, thinking this was fine as long I didn’t go over 20k. So now wondering which one HMRC will choose to close and whether to hold off transferring cash ISA into either. Thanks for the replies and info so far.0
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I did this a couple of years ago and transferred on of the S&S ISAs into the other. It seemed to solve the problem as I didn't have any comeback from anyone.0
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I accidentally did this a couple of years ago. I contacted vanguard (who were the second one) and they returned my money to me.
I did drop a mail to HMRC but didn't hear any more about it. I assume they were happy with the actions I'd taken.0
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