Accidentally opened 2 Junior investment isas!

Hazzeem025

Hi,
Can any one help me out?

My wife and I have accidentally opened 2 Junior investment isas.

We've only just realised that you can only hold an investment and a cash isa for a child at any one time.

What do we do? We've contacted the providers but have received no response from either.....

Both isas have less than £1100 in and have been open for numerous years but obviously don't breach the yearly allowance. We've also stopped paying into them until we find out what to do.

Anyone out there advise on what to do?

eskbanker

Hazzeem025 said:

Both isas have less than £1100 in and have been open for numerous years

If you breach the ISA regulations then generally it's up to HMRC to (a) identify this and (b) act on it, so if they have failed to do either for numerous years then chances are that no further action will be taken. 

If they did decide that action is necessary, this would typically entail declaring that the first one to be opened is valid and the second invalid, so it may be safer to continue to fund only the first one.

Hazzeem025

eskbanker said:

Hazzeem025 said:

Both isas have less than £1100 in and have been open for numerous years

If you breach the ISA regulations then generally it's up to HMRC to (a) identify this and (b) act on it, so if they have failed to do either for numerous years then chances are that no further action will be taken. 

If they did decide that action is necessary, this would typically entail declaring that the first one to be opened is valid and the second invalid, so it may be safer to continue to fund only the first one.

Thank you very much for reply eshbanker, much appreciated!