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ISA "Repair"- HMRC Contact

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Parky
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ISA "Repair"- HMRC Contact

#143566

Postby Parky » June 4th, 2018, 1:50 pm

Someone I know overpaid into their ISA last tax year and needs to report it to HMRC to get a "repair" (as they call it) sorted out. There is a phone number to call, which is always busy of course, but does anyone know if there is a relevant postal address , e-mail address or web-chat site for ISA queries?

PinkDalek
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Re: ISA "Repair"- HMRC Contact

#143578

Postby PinkDalek » June 4th, 2018, 2:17 pm

Parky wrote:Someone I know overpaid into their ISA last tax year and needs to report it to HMRC to get a "repair" (as they call it) sorted out. There is a phone number to call, which is always busy of course, but does anyone know if there is a relevant postal address , e-mail address or web-chat site for ISA queries?


I've searched and only found the 'phone number https://www.gov.uk/government/organisat ... -enquiries which is presumably the one used and is repeated here https://www.gov.uk/guidance/close-void- ... or-repairs.

There are these contacts but they would be for the ISA managers https://www.gov.uk/guidance/how-the-isa ... ct-details

This 2015 article from The Telegraph suggests Whether you report it or not, HRMC says it will spot the mistake and make contact with you. Throughout the year Isa providers report how much each of their customers has invested so HMRC has this information. … A spokesman for HMRC said those who break the Isa limit should “sit tight and expect contact”.

https://www.telegraph.co.uk/finance/per ... -I-do.html

Lootman
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Re: ISA "Repair"- HMRC Contact

#143600

Postby Lootman » June 4th, 2018, 3:06 pm

PinkDalek wrote:This 2015 article from The Telegraph suggests Whether you report it or not, HRMC says it will spot the mistake and make contact with you. Throughout the year Isa providers report how much each of their customers has invested so HMRC has this information. … A spokesman for HMRC said those who break the Isa limit should “sit tight and expect contact”.

That's interesting because usually HMRC would suggest that it is better to own up to mistakes, because then at least it looks like an honest mistake rather than you were trying to get away with it.

Sounds like HMRC are just assuming that it's always an honest mistake, no big deal, and some kind of adjustment will be made without prejudice. And they are usually not that charitable.

It also sounds like they are highly confident that they will always pick up on this. I can only assume they can run automated checks by NI number, since you now need a NIN to open an ISA (you did not need one back in the day).

I only have one ISA provider so it would be impossible for me to make such a mistake, but I am surprised that HRMC appear so sanguine about it. Then again, there are not large tax savings for most ISA investors anyway.

swill453
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Re: ISA "Repair"- HMRC Contact

#143652

Postby swill453 » June 4th, 2018, 4:58 pm

I think HMRC are pretty sanguine about such things, and are actually quite likely to let the indescretion stand as it is, and just say "don't do it again".

Assuming the overpayment isn't massive, of course.

Scott.

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Re: ISA "Repair"- HMRC Contact

#143707

Postby Sobraon » June 4th, 2018, 7:09 pm

This happened to me a a few years ago due to my bank paying a standing order before a weekend rather than after causing me to over subscribe for the previous years ISA ( HL I think).

I wrote to HMRC at the PAYE postal address and as Scott says I got a letter back a few weeks later basically saying OK 'dont do it again'.


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