Prepared to get slated for being stupid but I’m needing some help. I’ve recently sold my house and I’ve got a lump sum of money that I’ve never had before. It’s a bit of a long query.
I currently have an ISA with RBS. There is only £50 in it, meaning my remaining ISA allowance is £19,950. I have opened a 1 year fixed rate ISA with Virgin and have requested a transfer.
I didn’t realise that I had to wait until AFTER my RBS ISA had transferred, to transfer funds. So last night, I attempted to transfer £19,000 from my current account to my new virgin ISA. For some reason it couldn’t verify my details so I (stupidly) decided to transfer £10 as a test amount.
I spoke to virgin on their live chat and they said I’ve broke the ISA rules by paying in to two ISA’s in the same tax year and that my account may be closed and that I should contact HMRC.
I contacted HMRC and they were useless. They said if you pay in to too many ISA’s, someone from HMRC will contact me at the end of the tax year.
What I need to know is, what are the implications of me transferring this £10? Does this mean I can no longer transfer the £19k? And if I do transfer the £19k, what are the implications of that? Will I still get my interest at the end of the tax year?
Im absolutely clueless with ISA’s. Thanks