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Posted Tue, 28 Nov 2023 13:40:13 GMT by Pestopasta__
Hello, I have recently had a meeting with my financial advisor, and i've been told I shouldn't have 2 stocks and share ISAs, i've contributed to both in the same tax year, I was under the impression this was OK as long as i stayed under the £20k threshold. I was informed, this is not the case and upon finding this information I have stopped payments to both and was told to speak to HMRC. Should I just close one account and obviously going forward, contribute to the one left open? I feel pretty stupid but this was a genuine mistake I don't want to end up getting into bother by just closing one and not consulting HMRC advice first,
Posted Thu, 30 Nov 2023 13:59:57 GMT by HMRC Admin 32
Hi,

If both stocks and shares ISAs were opened in the same tax year, then this is not permitted and the newest ISA would need to be closed. If they were opened in different tax years, then they are both allowable.  

Have a look at the guidance at:

Individual Savings Accounts (ISAs)

Thank you.

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