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Posted Mon, 05 Feb 2024 18:03:41 GMT by Sara.Y.
Hi, I’ve opened a fixed term cash ISA account in 2023-2024 tax year and will mature in 1/2025. I would like to ask: 1. Does it mean the interest earned from the fixed term cash ISA account that I opened in 2023-2024 tax year and will mature in 1/2025 will count toward the 2023-2024 tax year, not 2024-2025 tax year? Also, do I need to report the interest to HMRC on self assessment? 2a) Can I open another ISA account with max 20,000 pound allowance for 2024-2025 tax year after 6/4/2024 (while the fixed term cash ISA account in 2023-2024 tax yea haven’t mature until 1/2025)? 2b. Can I open another fixed term cash ISA for 2024-2025 tax year? Or I am not able to open another fixed term cash ISA until it matures in 1/2025 given that everyone can only have 1 ISA account for each type? In other words, does it mean that I can only open lifetime or stock or innovative ISA account before 1/2025 in 2024-2025 tax year, and I am able to open cash ISA account after 1/2025 in 2024-2025 tax year?
Posted Wed, 07 Feb 2024 14:32:42 GMT by HMRC Admin 20 Response
Hi Sara.Y,
1. The interest will be applied in 2025 so it falls into the 24/25 tax year. ISA interest doesnt need to be reported  
2. Yes you can still open another one as the orignal one was opened in 23/24 irrespective of when the interest is applied.
Thank you.

 

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