ISA 2017: What happens if I’ve paid too much into my ISA? Can I have more than one ISA? Top 10 biggest ISA mistakes to avoid – WBNews

Individual Savings Accounts (ISAs) allow savers to protect their money from dividend, income and capital gains tax. This tax year (2016/17) the maximum ISA allowance is £15,240, rising to £20,000 in 2017/18. Savers have until April 5 to make the most of their allowance, which can be invested in a cash ISA, stocks and shares ISA, or a combination of both. The ISA limit is £15,240From the new tax year you will also be able to invest some or all of your allowance in a new peer-to-peer loan called an Innovative Finance ISA. But what happens if you go over the ISA limit? Here are a few tips to help you make the most of your savings. What happens if I’ve paid too much into my ISA? If you accidentally go over the ISA limit in any tax year then you will be automatically refunded the difference. HM Revenue & Customs will get in touch after the end of the tax year with instructions, so do not try to fix the mistake yourself. IF YOU ALREADY HAVE AN ISA DO YOU GET 2 ALLOWANCES? Top 10 biggest ISA mistakes to avoid Wed, February 8, 2017 Savers you have been warned. Play slideshow 1 of 10 1. Don’t put all your eggs in one basket: Protect portfolios from unforeseen events by making sure investments are not focused in just one or two areas. ISAs are a great way to save cash tax-freeAny excess payments will not receive tax relief. If you…more detail