ISA allowance exceeded - what do I do?

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1

I set up a cash ISA (other provider) with Ā£5k, and put Ā£15k into the ISA here. I ā€œinvitedā€ my wife to set up an account, so I got a free share. It has been put into my ISA account, and counts towards the allowance, so Iā€™m now Ā£20 over. T212 seem unable to correct the situation, so what do I do now? Email HMRC?

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Your have a couple of options.

  1. Open up your GIA, free share should default there next time.
  2. Itā€™s a free share so technically cost you nothing.
  3. Check out the notional value when received and withdraw that from your ISA to GIA.

I would probably go with 3 and resolve it yourself. HMRC have much bigger tax dodgers to follow up than Ā£20 that was misplaced for a few days IMO.

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I wouldnā€™t worry about it. HMRC is supposed to reach out to correct this from what I gather.

I made a similar honest mistake but by thousands and the taxman still hasnā€™t come calling years later.

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Welcome to the Community, @tom1 :wave:

Free shares are usually allocated to the account where you first deposited. I can see that you already contacted our team, and weā€™ll be able to assist. Just reply to our last message whenever you have a chance, and weā€™ll take it from there :raised_hands: