Accidentally exceeded ISA limit but moved money out immediately?

[Henetty245]

I was just opening a new (non ISA) savings account and accidentally transferred the £8k into my ISA instead
I've already put over £12k into that ISA this year, so would have been "over the limit" for the few seconds it took me to move it back out and into the new account. Will anything happen and do I need to do anything?

Speak to your bank but hopefully you did it quick enough that it didn’t actually reflect in their back end systems

You are only entitled to the ordinary isa allowance. HMR&C will spot it at the end of the year.

Isn't the ISA limit £20K?

The ISA limit is £20k per tax year.

Ask your bank is best.

I would hope if it's an obvious genuine immediately rectified error there would be some leeway.

Call the bank tomorrow.

If it couldn't have earned interest in that time I strongly expect HMRC won't care in the slightest.

@OneEpisode

You are only entitled to the ordinary isa allowance. HMR&C will spot it at the end of the year.

They really won’t.

It’s completely fine OP. The way interest is taxed these days there’s pretty much naff all reason for an ISA anyway.

Hi Op, as pp have said, you are fine.

At the end of the year your bank will send an electronic database of ISA holders and now much they have put in during the year to HMR&C. If you need to do anything you will get an automatic letter, but the worst that could happen is you will lose some of the tax free allowance, which as others have said, is tiny because interest is tiny. www.gov.uk/guidance/returns-of-information-for-isa-managers

Nothing will happen...don’t worry

When I did that by accident, it simply got returned to my other account and I received a letter telling me why. No harm done whatsoever. Not everyone knows exactly how much they've added!