Paid into two different ISA's last year - advice

RickMoney

Hi,

My partner made a payment of £610 into her old Nationwide ISA last tax year AFTER I had maxed out a new EGG ISA for her a couple of days earlier. The Egg one was done on 31 march 2008 and the NW one on the 4/5th April 2008.

She did not realise you can only pay into 1 per tax year.

Can anyone explain what will happen?

Thanks

LittleVoice

She won't be happy that you are trying to run her financial affairs without telling her what is going on(???)

If the £610 was the only payment made into the NW ISA account, then she should let NW know that "she made a mistake" and they should be able to return the funds to her.

Baldur

Suggest that your partner rings the HMRC ISA Helpline on 0845 604 1701 (Monday -Thursday 8.30-5.00, Friday 8.30-4.30) and explains that this was an error - they should then be able to sort matters out. See 'Duplication' on this leaflet.

Milarky

£610 for a month at 5% hmmm, that's very nearly 50p tax you've defrauded!

(No, I'm afraid you'll have to change your ID and leave the country. You have have brought shame and dishonour upon your family!!)

When the taxman finds out he will want to reposess your home and sell your partner into bondage!!

RickMoney

lol I realise it would'nt exactly be the tax fraud of the century but knowing our luck something bad would have come from it.

I talked her through what we were doing with the earlier ISa but she didnt realise you can only have one per year...nvm.

thanks for the advice and I'll have her call HMRC later this week.