Accidentally exceeded ISA allowance

[AndyAudi]

Just realised mother has this year exceeded her ISA allowance.

She lumped £20k into an existing CASH ISA, but has a monthly payment of half a pension into a S&S ISA.

Apparently it’s a thing, folk forget about the regular payments

Google I think is saying she (prob me) need to phone HMRC & tell them rather than taking the money back.

She’d probably want to leave £10k there, anyone know what’ll heppen, the whole £20k reversed & ISA allowance re-set, or will they be able to get babk to reverse half of it?

[Seventyseven7]

Nothing will happen.

[Geffg]

Aren’t you allowed a cash isa and a stocks and shares isa at same time? Not sure but thought you could

[steve_n]

Seventyseven7 said:

Nothing will happen.

Yes it will. All ISA providers report their subscriptions so things like this can be picked up. Usually just means one of the providers has to take the excess back out of the ISA.

[steve_n]

Geffg said:

Aren’t you allowed a cash isa and a stocks and shares isa at same time? Not sure but thought you could

Yes, but still has to total no more than the overall £20,000 limit.