£1 over allowance

BiffaBacon

Hi. Daft question, but I'm up to my ISA allowance limit for this year but want to take advantage of Trading212's higher ISA deal, which expires in a few days.

I can open an account for £1 and then fully fund on April 6th.

What are the consequences of going over allowance by £1 for less than 3 months?

Thanks

Bob

eskbanker

Theoretically, HMRC can deem your T212 ISA to be invalid, but this would only happen many months later and they're reported to be fairly forgiving to first time 'offenders' who break the rules, albeit perhaps less so if clearly deliberate.

Can't you transfer from your existing ISA?

Malchester

I accidentally paid £1 into an ISA to open it that meant I went over the annual allowance by £1. Never heard anything from HMRC 

Rheumatoid

eskbanker said:

Theoretically, HMRC can deem your T212 ISA to be invalid, but this would only happen many months later and they're reported to be fairly forgiving to first time 'offenders' who break the rules, albeit perhaps less so if clearly deliberate.

Can't you transfer from your existing ISA?

I have thought about this but I am not sure a transfer would be completed within 212's funding window so its a risk whether I would get the bonus rate.  Anyone got any experience of getting the MSE rate with a transfer in?

masonic

Rheumatoid said:

eskbanker said:

Theoretically, HMRC can deem your T212 ISA to be invalid, but this would only happen many months later and they're reported to be fairly forgiving to first time 'offenders' who break the rules, albeit perhaps less so if clearly deliberate.

Can't you transfer from your existing ISA?

I have thought about this but I am not sure a transfer would be completed within 212's funding window so its a risk whether I would get the bonus rate.  Anyone got any experience of getting the MSE rate with a transfer in?

The key word above is Initiate.

Rheumatoid

masonic said:

Rheumatoid said:

eskbanker said:

Theoretically, HMRC can deem your T212 ISA to be invalid, but this would only happen many months later and they're reported to be fairly forgiving to first time 'offenders' who break the rules, albeit perhaps less so if clearly deliberate.

Can't you transfer from your existing ISA?

I have thought about this but I am not sure a transfer would be completed within 212's funding window so its a risk whether I would get the bonus rate.  Anyone got any experience of getting the MSE rate with a transfer in?

The key word above is Initiate.

Thanks a lot