My guess would be that you're OK, if Halifax regards you as having made the deposit in time in the previous financial year. I'd regard it as not much different to you having made a deposit by cheque, with the money showing as having been received in your ISA on a particular date, but the cheque withdrawal then not actually showing up in your bank account until a few days later?
(In fact, for a debit card, it's possibly more like Visa/Mastercard paid the funds in "instantly" (for some value of instantly), and it just takes some time for the "paperwork" to catch up with you for you to have to meet your bank account's agreed obligations to Visa/Mastercard to pay them the money that you owe them for having paid on your behalf? However, you instructed them to pay for you in the previous financial year, and they did.)
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ISA over-subscription SNAFU
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- Lemon Quarter
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Re: ISA over-subscription SNAFU
When I did it some years back, I informed the provider and they rolled back the transaction with no fuss. I don't think I told HMRC.
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- Lemon Quarter
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- The full Lemon
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Re: ISA over-subscription SNAFU
JohnB wrote:When I did it some years back, I informed the provider and they rolled back the transaction with no fuss. I don't think I told HMRC.
Yes, the way it invariably works with any kind of trade is that it is the trade date that counts, not the settlement date.
So even if you just place a trade over the phone with no payment, it should stand for that date. Unless ISAs work differently from everything else and require payment in full on that date, but that is news to me if it is the case.
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- Lemon Half
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Re: ISA over-subscription SNAFU
See https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#repair-void but in this case it would appear the ISA Subscription was made as intended.
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