ISA accounts - 2 this year without realising the rules

[RichTT]

So a few months ago I opened an ISA with Wealthsimple and parked £10k in it. But to hedge my bets I also started a Nutmeg an ISA last month and stuck the rest of this year's allowance in it. Unbeknownst to me, and I don't ever having recalled reading about it before, I can only open one ISA a year?

How do i go about undoing this situation??

Edit: removed the word cash, because these are S&S ISA I guess, not cash

Edited by RichTT on Thursday 1st February 16:09

Edited by RichTT on Thursday 1st February 16:11

[ecs]

You can split the tax year's allowance between a S&S and cash ISA. When signing up to the products they should ask you if you have any other ISAs and advise accordingly. The company providing the ISA reports to HMRC periodically to let them know who they're providing services to and can get a slap on the wrists if someone's got two of the same type of ISA - it doesn't get checked in realtime or anything smart like that.

Edited by ecs on Thursday 1st February 16:35

[RichTT]

Two stock and share ISA that I've paid into. Guess I'll have to wait for them to contact me. Seems like the most popular suggestions so far that I've read.

[Jockman]

Well blow me down....it's been so long since I had an ISA I had no idea that you couldn't do this !!!

[Sargeant Orange]

I did similar around 5 years ago.

Had a letter from HMRC a few months later basically saying don't do it again/we're watching you