Am I in IFISA trouble?

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Ken661
Ken661 Posts: 3 Newbie
in ISAs & tax-free savings
I think I have made a mistake by opening two P2P IFISAs this tax year. What are the possible/likely outcomes and how can I rectify the situation?

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  • badger09
    badger09 Posts: 11,247 Forumite
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    Ken661 wrote: »
    I think I have made a mistake by opening two P2P IFISAs this tax year. What are the possible/likely outcomes and how can I rectify the situation?

    Opening 2 P2P IFISAs is not a problem. Paying into 2 at the same time, is.

    If you have paid new money into 2 since 6/4/18, HMRC will probably void the 2nd after the end of the tax year. You shouldn't do anything.
  • masonic
    masonic Posts: 23,450 Forumite
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    badger09 wrote: »
    You shouldn't do anything.
    ...unless one of them allows flexible withdrawals.
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