Contributed to 2 Cash ISA's by accident

Diaz13

Need some advice pls! I transferred an old previous ISA to shawbrook and at the time of transferring I added an extra £2k. Few weeks later I opened another Cash ISA with Coventry BS as it offered a higher rate and added £14k to it. I totally forgot I had put in the £2k in shawbrook. 

Question is what happens now? Will HMRC make me forfeit all the interest earned on my Coventry ISA and close the account? Or should I contact them myself and explain?

Ideally I would rather shawbrook refund me the the £2k and any interest I would have earned on that as I won't be contributing any further however I opened that one first. 

Both ISA's are 2 years fixes and I'm conscious now I will lose my ISA allowance for this year if hmrc void one of them.

Any help or advice from previous experience on this would be great. This is the first time I have made an error like this. 

Many thanks.

masonic

The first cash ISA you subscribe to in a tax year would be considered your valid cash ISA. As both ISAs are fixed, neither will be flexible, and transferring one into the other would not be feasible. Unless this has all happened recently (within cooling off period), then there isn't anything you can do. HMRC normally give people one get out of jail free card, and as you haven't exceeded the overall £20k limit, it is unlikely there will be any consequences. There isn't any point contacting HMRC, they will tell you to wait until they contact you, after they receive definitive information from the ISA providers after the end of the tax year. You might not even hear from them.

Diaz13

Ok so best to just leave things as they are. I was just conscious that I didn't want to add any further amounts in if I am going to lose the interest. I'll jeep my fingers crossed then. Thanks for the advice.