Fixed rate ISA query

Posted Tue, 04 Jul 2023 07:08:35 GMT by

I have recently taken out a 2 year fixed rate ISA which will mature in 2025. Will I still be able to open and take advantage of the tax free ISA allowance in the next tax year 2024/25? Or does the fact I have taken out a 2 year ISA effectively mean I have used up my allowance for next year?

Posted Mon, 10 Jul 2023 07:56:27 GMT by HMRC Admin 5 Response

Hi

Please refer to Individual Savings Accounts (ISAs)

Thank you

Posted Mon, 10 Jul 2023 15:06:21 GMT by

Hi, I have opened Two Cash ISA with 1 year fixed rate at same provider same tax year 2023/2024. However, I just realized that HMRC does not allow both Cash ISA to be eligible for tax-free Interest. How I should report this situation when both ISA reaches maturity (e.g. both accounts maturity date have 1 month lag). Am I still entitle to have One Cash ISA tax-free interest ?

Posted Fri, 14 Jul 2023 11:45:47 GMT by HMRC Admin 8 Response

Hi,
You will need to decide which one to keep and which one to close. HMRC will contact you in due course as only 1 can be tax free.
Thank you.

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