What happens if you try to put in more than £20k into your ISA?


(Alexander) #1

Hey! Bit of a n00b with investing in the UK.

From what I understand with an ISA, every financial year I can invest up to £20,000, and cash in any of that stock during that time too.

What happens if I try to put more than £20,000 into my ISA account with Freetrade? Will it block me from doing this? If it doesn’t, what’s the implication of doing this from a tax perspective?

Thanks!


(Jim) #2

HMRC will contact you to instruct you to rectify ( by selling shares if the 20k was fully invested )


(Louise Bineyquaye) #3

Jim is ISA an investment? or just putting money into ISA in Freetrade is a saving accounts which I’d task fre. I want to invest to make profit or buy shares


(Jim) #4

Yes - it’s a two step process - deposit your money then choose what you want to invest in.

The good guys at Freetrade have put together a good introductory guide:
[Wiki]
(Introductory wiki 🐣)

Plus people on the board are more than happy to answer questions.

Good luck!