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ISA overpayment
Shera21
Posts: 1 Newbie
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.
0
Comments
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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.1
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