I have been paying into two Stocks and Shares ISAs the past few months

Hello, I did not know that I was allowed to pay into only one S&S ISAs during the year and I have been paying into two for a few months now. I have stopped paying into the second account the minute I got to know about this rule. What will happen to the money in the second S&S ISA please? What actions will I need to take to fix this? Thanks for reading

Hi,

You can pay into two ISAs in the same tax year provided they are different types of ISA.

It would be fine to pay into both a cash ISA and a Stocks & Shares ISA in one tax year as long as you’re below the £20,000 limit.

You would not be able to pay into two different ISAs of the same type.  You should contact the second provider and advise them of the situation.  

They will most likely, refund the payments into the ISA and close or void the ISA.  More guidance can be found here Individual Savings Accounts (ISAs)

Thank you.

Hi, regarding the same topic. Could you please send more guidance? While I was transferring my stocks and shares ISA from one supplier to another, a direct debit was collected from the first supplier, and no other payments have been made since then. All the amounts from the original ISA + this extra collection were transferred from the first supplier to the second supplier, I´m still in the £20,000 limit per tax year and will remain within the limit. Since I transferred it already is it considered a second ISA in the same tax year? I would like to keep the second provider. Should I proceed as posted by HMRC Admin 5? Or is there another way to rectify this? Thanks in advance.

Hi,

You should speak to your ISA provider, as we can only provide general advice in this forum and they will have more knowledge of your circumstances and of ISA regulations.  

You cannot have two of the same kind of ISA opened in the same tax year, one would have to be closed. If they are opened in different tax years, then that is fine.  

You can see guidance on ISAs here:

Individual Savings Accounts (ISAs)

Thank you.

I have had a help to buy ISA for 3 years which I pay into £2400 a year . Can I open a cash ISA and pay in to that as well in the same tax year.

Hi David Moore,
Yes, the money paid into the help to buy ISA counts towards the £20,000 limit.
Thank you. 

Could you please clarify on "You cannot have two of the same kind of ISA opened in the same tax year, one would have to be closed." The guidance on GOV.UK says "You can put money into one of each kind of ISA each tax year." It does not say I cannot open multiple ISA of the same time at different providers. However, when opening ISA, providers require me to sign a declaration where I confirm  I will not be "subscribing" to another ISA of the same type within the same tax year, without explaining what is "subscribing". Opening ISA accounts takes time, depending on the providers, I want to open multiple ISA accounts of the same type at different providers and pay only to one of them when i make the decision on which account to use. How can I confirm if this is allowed?

Hi,

From 06 April 2024 you can open and pay into/subscribe to more than 1 ISA. The limit remains at £20,000 no matter how many you open.

Thank you.

Hi, I just have some questions regarding creating two ISAs. Would I be able to create a stocks and shares ISA and a lifetime stocks and shares ISA? They are both stocks and shares but one is life time and one isn’t. Would that be okay?