Stocks and Share ISA

Hello, I'm thinking about getting a Stocks and Share ISA.. but not sure how it really works. I know I can invest £20.000 per tax year, but what happens if: I Open a Stock and Share ISA in 2024 -> with £20.000 Do I need to open another account in 2025? Or can I use the same one and have £40.000?

Same one.

Hi 

You can open a Stocks & Shares ISA with £20,000 as long as you have not already invested £20,000 in an another ISA, such as a Cash ISA - you can also open a Stocks and Shares ISA in 2025 but again the maximum investment of £20,000 would apply - you cannot carry forward the annual investment limit of £20,000 to the next tax year -  please see the following Guidance - Individual Savings Accounts (ISAs)

Thank you

OK.. I understand that but Do I need to open another account in 2025? Or can I use the same one and have £40.000?

Hi,
The maximum you can invest each year in ISAs is £20,000. 
You can have £20,000 in one account or split the allowance across multiple accounts.  
If you invest £20,000 in the current tax year you will need to wait until the next tax year to invest a further £20,000 in any ISA account. 
It will be dependant on your ISA provider if they allow you to reinvest in the same account each year or not. 
Individual Savings Accounts (ISAs)
Thank you.