ISA - stocks and shares ISA, mistakenly opened and contributed to 2 accounts this tax year

Hello, I currently have a S&S ISA with Hargreaves Landsdown which I have had for years and contributed earlier this month £500 to, I opened a S&S ISA with IG on 24/07/2023 and contributed £1600 to it. In total I have contributed £2,100 to S&S ISAs which is well below the £20,000 I was made aware yesterday by a friend that I am not allowed to contribute into 2 different S&S ISAs in the same tax year even if I am well below the £20,000 overall limit. What do I need to do here to rectify this as I obviously don't want to lose my tax benefits for my Hargreaves Landsdown ISA which I have had for years? Do I need to just close my newly opened IG S&S ISA? Can I then still continue to contribute to my Hargreaves Landsdown S&S ISA for this year as I obviously have a lot let until the £20,000 limit? Please advise. Regards, 

Hi iliyan_velikov Velikov,

You will need to close one of them as you can only have 1 and HMRC will contact you in due course.

Thank you. 

Hello. Thank you for your reply. I have requested IG to close my ISA so I will only keep the Hargreaves Landsdown one. From my understanding in the next tax year I can open an ISA with IG but I can only contribute to that one for the whole tax year and not to both of them in the same tax year? Regards, Iliyan

Hi,

Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April. You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.

Individual Savings Accounts (ISAs)

If you have more than 1 ISA of the same type, you can only deposit in one of them, up to a maximum of £20000.

Thank you.