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Posted Mon, 06 Nov 2023 00:38:27 GMT by
I opened a stcks and shares ISA late last tax year and paid a small amount in. I continued paying into this when this tax year started. I misunderstood the isa rules and olened a new ISA this tax year and paid a small amount in but regular payments where still going into the one i opened last year. On realising my error i have stopped any payments to my new ISA and have continued to use my previous ISA this year. The money in the fresh stocks and shares ISA i opened this year has accrued no significant capital gains or interest etc and im making no further payments into it this year. Should I close the new ISA or can i just leave it frozen? I wish to use my older ISA for this years allowance and then possibly use the newer ISA for next years tax year. Any advice would be appreciated. I only put 1500 in the new ISA before I realised my error. The older ISA has the bulk of my ISA savings for this year.
Posted Thu, 09 Nov 2023 09:31:00 GMT by HMRC Admin 20 Response
Hi Bunc,
If the new account is not a stocks and shares isa, then you are ok to continue with your payments into both. see further guidance at Individual Savings Accounts (ISAs)
Thank you.
Posted Thu, 09 Nov 2023 13:15:50 GMT by
Apologies if i wasnt clear. The new one was also a stocks and shares ISA. I misunderstood the rules. On discovering my mistake i ceased payments into the new one as i didnt want it to be my stocks and shares ISA for this year as i only planned to lut a small amount in it this year and use it fully next year. I now realise i shouldnt have put anything in it. Ive left what i have in it basically frozen. The amount is small. Id prefer to keep the account open so i can use it next year. Note for clarity - i didnt actually ooen two stocks and shares ISAs this year. I opened a new one thinking i could lut a small amount in it while still using my older one for the bulk kf my stocks and shares savings. I now realise this was an error in understanding on my part and that although i could open a new one this year i could only pay into one of them.

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