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Where Taxpayers and Advisers Meet

Overpayment into Cash ISA

skray
Posts:62
Joined:Mon Oct 29, 2012 5:01 pm
Overpayment into Cash ISA

Postby skray » Tue Nov 12, 2024 9:48 am

Hi
I have received a small amount as Goodwill Gesture from a bank as I was unhappy with the time it took to complete an ISA transfer.
However this money was paid into my Cash ISA account and not into my current account held with the bank.
I have already subscribed the maximum £20K into a Cash ISA with a different bank. This means my total ISA investment for the current year exceeds £20K.

What are the options - should I simply ask the bank to transfer the goodwill amount along with any accrued interest to my current account and include the interest in my SA return, or contact HMRC.

https://community.hmrc.gov.uk/customerforums/pt/b3aa39ea-1161-ee11-a81c-0022480003c7#:~:text=In%20situations%20where%20you%20have,Thank%20you.

Thanks in advance
Regards

pawncob
Posts:5162
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Overpayment into Cash ISA

Postby pawncob » Wed Nov 13, 2024 8:44 pm

Yes, ask the bank to refund the overpayment.
HMRC may pick it up (unlikely) but this action will prevent them bothering.
With a pinch of salt take what I say, but don't exceed your RDA


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