ISA overpayment

Shera21

I have accidentally  opened 2 x ISA accounts in 24/25 tax year totalling £26,000 which is over the £20,000 allowance. What do I do about it? One doesn't mature till Aug '25 but if I close, it will attract charges.

eskbanker

There isn't anything you can do about it now other than to wait to see what, if anything, HMRC choose to do when they spot the non-compliance later in the year - they'll typically forgive first time 'offenders' but worst case is that income from the second ISA to be funded would be deemed as taxable.