Double ISA payments

[rodders]

I made a bit of a mistake.
Have a S&S ISA running, put £200pm in.

I decided that Premium bonds aren't great, so thought I'd take £20k out and chuck in a trading212 cash ISA

Just realised my stupid mistake!

I've had the S&S ISA for several years, but this tax year paid in £1,600 so far and will be £2,400 but the end of the tax year.

Do I draw £2,400 out of the T212 account, or do I need to close it down? I've only had it a couple of days.

 

[Goksly]

Does it really matter? I'd just ignore it.

 

[rodders]

Only if HMRC find out?
I do self assessments, so maybe they will detect it?

 

[200sols]

Does it really matter? I'd just ignore it.

Yes. You can only put £20k in per tax year. The way forward would be to discuss with the ISA provider to remove the excess cash including any gains, any gains will from this overpayment will be taxable. HMRC will probably be in contact next year.

 

[rodders]

I'll just take out £2.4k and worry about the £8 from the last few days profit, when HMRC contact me then.