ISA confusion

Sarahspangles

Corky99 said:

OK so next year when they review it I will owe them £17?

There would be tax on that amount - if you exceeded the personal savings allowance. I’m sure a few people do this every year, it’s unlikely to be an issue.

Corky99

OK thanks 👍

eskbanker

Corky99 said:

OK so next year when they review it I will owe them £17?

Unlikely - they'll typically forgive 'first time offenders', especially where prompt corrective action has already been taken proactively, so chances are you'll never hear any more about it.

Worst case is that they deem the £17 to be taxable and, even if you'd already used all allowances, this would only be a few quid at your marginal tax rate!

Corky99

eskbanker said:

Corky99 said:

OK so next year when they review it I will owe them £17?

Unlikely - they'll typically forgive 'first time offenders', especially where prompt corrective action has already been taken proactively, so chances are you'll never hear any more about it.

Worst case is that they deem the £17 to be taxable and, even if you'd already used all allowances, this would only be a few quid at your marginal tax rate!

OK many thanks for your feedback 👍