I have paid into two S&S ISAs this year, what kind of penalties may I face?

tmanchester

I have mistakenly paid into 2 stocks and shares ISAs this year.

I closed an ISA earlier in the year and forgot about it, but recently I checked the statements and the last time I paid into it was £286 on 30th April 2020 (I have no idea why I would do this, I planned to close it anyway).

I have paid £15,000 into a different S&S ISA in November.

When I phoned HMRC they told me to wait until I received a letter at the end of the tax year and don't try and correct it myself by withdrawing, and they weren't able to tell me what kind of penalties I'd face.

Worried I could be in for a fine, has anyone been in this situation before? Don't particularly want to lose this money.

eskbanker

Very similar question has just been asked on this thread, immediately adjacent at the time of posting: https://forums.moneysavingexpert.com/discussion/6220217/stocks-shares-isa-old-and-new

You won't be fined or lose the money but in all likelihood it'll effectively be treated as if it was in an unwrapped account rather than an ISA.

masonic

Who was provider #1? If it was a flexible S&S ISA you are in the clear.

tmanchester

masonic said:

Who was provider #1? If it was a flexible S&S ISA you are in the clear.

It was Wealthsimple, I don't think it's a flexible ISA. 

masonic

tmanchester said:

masonic said:

Who was provider #1? If it was a flexible S&S ISA you are in the clear.

It was Wealthsimple, I don't think it's a flexible ISA. 

It's hard to tell from their website. They have a page describing the advantages of a flexible ISA vs non-flexible ISA but decline to state whether their S&S ISA is flexible or not. Your T&Cs will say if the ISA was flexible.