I have just paid into an existing Nutmeg ISA and paid into a new FT ISA today. I have just noticed that there are rules that limit top-ups to just one S&S ISA account per tax year. Anyone know why that is, and if I reverse one of the payments will I still get into trouble?
If you’ve paid into more than one ISA of the same type in the same tax year then you should call HMRC for advice on what you should do to resolve the issue.
Basically, because those are the rules
Thanks, I will cancel one of the payments and get in touch with HMRC. Stupid mistake
last time I phone HMRC about this :mistake: I made, she didnt have a clue what a Stocks ISA was… put me on hold for 15 mins then she finally came back to me and said
"we will write to you at the end of the year but you need to phone your ISA provider to inform them "
I emailed my provider, saying HMRC have said I need to inform you their answer was … we are an execution only broker, we don’t offer financial advice !
whats the worse that can happen
yeah honestly no idea on the official process except that being on the safe side and calling them shouldn’t cause you any trouble, no more than leaving it and potentially getting a letter to tax one of them or something.
I won’t take any risks
So long as the amounts are small and the mistake obviously not malicious you’ll likely get a “don’t do it again letter”. Speak to HMRC and get it logged, they’ll not send the SWAT team after you.
the HMRC are far too busy chasing real criminals than to deal with the likes of us that make a small mistake…
and TBF both my subscribed ISA last take year made ZERO profit and no dividends so…
there isnt anything for HMRC to tax anyway
So we can have multiple ISAs with different providers, and no issues would come of it, as long as we only fund one of them in any given tax year?
I.e Freetrade ISA gets funded this year, and in tax year 23-24 some other ISA gets funded?
Yes, I think you’re on track
Thanks for the reply, mate