Oops, put too much in ISA..

Polly05

What happens? 
Realised that over my 3 ISAs, I've just went over the £20k total for the year. 
My cash isa is a flexible one and I just put money in the other day and took it out again now. 
What happens now? It went about £150 over. But it's not over now...

eskbanker

If you withdrew from your flexible ISA such that your net contributions for the year are back within the overall limit then no further action is necessary and nothing will happen....

cricidmuslibale

As the flexible cash ISA was only c. £150 over for a few days after which you corrected the overpayment by withdrawing this amount in order to have no more than £20k in total subscriptions to your ISAs this tax year, it is very likely that you will not be punished in any way by HMRC if indeed they notice at all.

Clearly at the end of this tax year (April 5) your total ISA subscriptions will now be recorded as <= £20k. This is what HMRC will first see when they receive this tax year’s ISA subscription details a few months later. At the very worst, you will eventually get a written warning from them, politely but firmly asking you not to make the same mistake again in future.

Polly05

Oh good! I was hoping that was the case, since I realised and took some back out again! 

Thanks!