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Posted Wed, 17 May 2023 11:43:39 GMT by Dedarak
I'd opened a Cash ISA in the last tax year (2022 - 23) and paid in the full 20,000 allowance into that account this tax year (2023 - 24), however, I'd like to open a new Cash ISA this tax year (2023 -2024) and transfer some of the 20000 I had transferred to the account I'd opened last year to the new account. Can I: 1. open a new Cash ISA as I haven't opened one this tax year (2023 -24); and 2. can I transfer a part of the 20,000 I'd paid this tax year into the Cash ISA I'd opened last year to the new Cash ISA I'm opening. I'm confused by the 'one ISA of each type per year’ rule, does it cover only opening one Cash ISA account per year or does it mean I can pay only to one cash ISA account each year even if I'm complying with the annual allowance of 20k? Many thanks
Posted Tue, 23 May 2023 14:53:47 GMT by HMRC Admin 32

You can only open 1 ISA each year. You can transfer to a new account as long as you do so with the provider and it must be all of the funds that are transferred.

Individual Savings Accounts (ISAs)

Thank you.

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