Accidentally Paid Money into Last Years ISA Provider Today, any options?

masonic

colsten said:

masonic said:

Oneday77 said:

Looks like transferring this years to Vanguard is the right thing to do. The fact it's still in cash should help speed it along.

Would I be right in saying I can add more to the new Vanguard account while I wait for the transfer to complete? Seems obvious but not sure how the transfer account works during the process.

A cash transfer would generally take just 2-3 weeks, although the current Covid situation might add extra delays. It would be best to wait until this is complete, but Vanguard might be relaxed about letting you top up once they have accepted the transfer and are just waiting on the funds to be sent across - you could try asking.

I doubt Vanguard would check anything over and above that you don't deposit more than £20,000 with them (incl any completed transfers-in of current year money). They have no means to verify how much you deposited with other providers, not even if you tell them. It's HMRC you would need to ask. However, for the sake of a few days, it seems hardly worth the hassle, and HMRC would very likely just tell you what you have already been told - i.e. request the transfer of your £150 and take it from there once the transfer is done.

The risk is that they will be processing a transfer of a S&S ISA containing current year subscriptions from another ISA manager. If they notice that they already hold current year subscriptions another S&S ISA, they may abort the transfer, since they won't know whether the ISA being transferred is valid.