HMRC website shows wrong information

HMRC has come under fire for displaying incorrect ISA information on its website.

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HMRC has come under fire for displaying incorrect ISA information on its website.

At the end of June this year, ISA allowances were increased to £15,000, the distinction between cash and shares removed and taxpayers were granted greater flexibility to transfer money between accounts.

Despite this, the HMRC website states: “The maximum you can put into an ISA is £11,880 in the tax year 2014 to 2015, up to £5,940 of which can be saved in cash.”

Details on junior ISAs are also wrong, telling would-be savers that the allowance for anyone under 18 is £3,840.

Chancellor George Osborne raised the threshold to £4,000 in March as part of the new Super ISA rules in March.

HMRC apologised for the mistake and told the Telegraph that it would update the website.

The department was forced to apologise earlier this month after an estimated 12,500 penalty letters were sent to employers who had filed their payroll returns for the current year in error.

Further, HMRC was criticised after revelations that its Real Time Information (RTI) system still does not reflect PAYE information in real time, accountants told ComputerworldUK in June.

It was just one of the technical problems that accountants have experienced with the £270 million RTI system, which went live over a year ago.

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