Sara.Y.

Hi, I have the following questions: 1. In 2023-2024 tax year, I open a fixed rate isa cash account that matures in 2025. Can I set up a new isa account for 2024-2025 while waiting the previous isa account to mature? 2a. If I have an easy access isa account, and I want to create a new isa account in 2024-25. Do I need to transfer the previous ISA account to a new account, or I can keep the old isa account and set up a new isa account? 2b. If I can keep the old isa account and set up a new isa account, I assume I don't need to pay tax for both accounts? 3. If I have an easy access isa account in 2023-24, can I add my 2024-25 isa quota into my last year isa account? Do I need to pay tax if the sum exceeds £20,000?

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?