Limit Breach

mrmustard61

I think I may take your advice and leave it alone and deal with the fallout...

thanks for your help

TiVo_Lad

An HMRC spokesperson suggests you could repair the ISA yourself to remedy the breach

https://www.telegraph.co.uk/money/ask-a-money-expert/annual-isa-limit-should-what-happens-exceed-tax-rules-2022/

masonic

...contradicting their official advice to consumers. It's also caveated with "In this situation the investor should be able to provide the necessary evidence to demonstrate that they voluntarily withdrew the excess funds on realising the error" without specifying what evidence would be acceptable. Presumably not a phonecall to HMRC where you are told not to take any action.

TiVo_Lad

masonic said:

...contradicting their official advice to consumers.

Perhaps you could share the link to that official advice so others can benefit from it?

masonic

TiVo_Lad said:

masonic said:

...contradicting their official advice to consumers.

Perhaps you could share the link to that official advice so others can benefit from it?

You would need to phone their ISA helpline for this, they don't publish it on a webpage, Alternatively, there have been numerous threads posted here where others have done just that and invariably been told they should do nothing and wait for HMRC to contact them about the error. They give similar instructions to ISA managers when dealing with customers who contact them about making an error.

Unlike the case with consumers, the instructions provided to ISA managers is published here: https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager