Paid into 2 Cash ISAs in same tax year.

jonniharley15

Good evening, 
I was hoping to be able to get some much needed advice please.
I have a Help to Buy ISA with Halifax and held this for a few years now regularly putting in the required limit of £200 per month. 

On 14th April this year I opened a new cash ISA with Barclays. I had however misunderstood and thought a help to buy ISA was a different to a cash ISA thinking it to be like a stock ISA etc. I have just found out The help to buy too is classed as a cash ISA.

On 14th April with my Barclay Cash ISA I put in the maximum £20,000 amount.
Then April 16th I put £200 into my Help to buy ISA.
Essentially now I have gone over the cash isa yearly limit already set at 20k.
Each month I have a standing order to the help to buy to pay in another £200.

Please can someone help me and explain how I rectify this mistake, do I call Halifax, Barclays or both and how it will affect my Help to Buy ISA and my Barclay Cash ISA.

Many thanks in advance.

Best,

Jon

eskbanker

https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#repair-void explains a variety of scenarios but neither of the banks will be able to tell you what to do, other than to contact HMRC:

When you find out (usually from the investor) that the investor has subscribed to a disallowed combination of ISAs, or has exceeded the overall ISA subscription limit, you should advise the investor that HMRC will contact them in due course. You should not give any advice to customers, as you may not have all of the relevant facts or be certain of the action that HMRC will take.

If the investor wishes to contact HMRC to discuss the error, they can phone the ISA Helpline.

masonic

Is your Barclays cash ISA flexible? If so you can correct the error of going over the overall £20k subscription limit by removing £200. If you remove the whole £20k from your Barclays ISA there is no guarantee this would prevent HMRC intervening at the end of the tax year.

SFindlay

jonniharley15 said:

Essentially now I have gone over the cash isa yearly limit already set at 20k.

You don't have a cash isa yearly limit, the £20,000 limit is across ALL ISAs so could have say £10,000 cash ISA and £10,000 S&S ISA in same year.