Due to some miscommunication I was unaware that I was already contributing to a mini stocks and shares ISA for the tax year 2003/04. Last week I opened (in my ignorance) a second mini (tracker) ISA with a different company.
This came to light on Saturday (because my wife was in a similar
situation, but fortunately her 2nd ISA was opened with the same co. as
her "unknown" ISA - she received a letter from the provider indicating
they hadn't taken 3K as planned but about half of that ... following
up that query brought to light the unknown ISA!)
So - I now have two mini stocks and shares isas for the same
finaincial year - obviously not allowed. I contacted the second ISA
provider as soon as I knew but all they could say was that the Inland
revenue would be in contact "some time" but couldn't tell me how I
could proactively sort it out with the IR. I did ask if I could just
cancel the ISA as that wou seem to be the easiest solution (ie it
never existed) but the 3K was already invested and so all I could do
was cash it in - but it would still have existed and be contracry to
This second ISA was bought direct from the provider's website (M&G
FWIW) with (natch) no advice from them etc etc etc.
So is there anyway I can proactively raise this with the Inland
Revenue to get it sorted out rather than wait for them to get around
to finding out in there own sweet time. I have no issue with that
fact I can't have 2 ISAs - I just want to get the situation sorted out
now that its happened.
- posted 15 years ago