Contributions to Help to Buy Isa and Stocks and shares ISA in the same tax year

NIGHTHAWK · 28 May 2016 at 2:47PM

I've just opened an investment ISA online with Barclays (today)...but I also have a small Help to Buy Isa with Lloyds (opened the previous tax year)... the Barclays advisor I saw today could not tell me for sure if I am allowed to contribute to both of these... I understand I cannot have another Cash Isa account and a Help to Buy in the same time (both being same type)...Confused, I went to Llloyds and the advisor there told me to stop contributing to Help to Buy, in order to continue with the Investment ISA!
Are they right? Are these the official rules?!
But looking on Lloyds Bank official website - ISA accounts, Help to buy, it says, with an orange exclamation mark, that ' your remaining allowance after contributing to help to buy...can only be invested in a stocks and shares ISA...not exceeding the allowed 15,240 £'....

Any ideas please? Do we have to have the investment ISA and Help to buy ISA with same provider in order for them to be allowed to run in the same time?!

Many thanks...

bowlhead99 · 28 May 2016 at 3:05PM

NIGHTHAWK wrote: »

But looking on Lloyds Bank official website - ISA accounts, Help to buy, it says, with an orange exclamation mark, that ' your remaining allowance after contributing to help to buy...can only be invested in a stocks and shares ISA...not exceeding the allowed 15,240 £'....

Any ideas please? Do we have to have the investment ISA and Help to buy ISA with same provider in order for them to be allowed to run in the same time?!

The website is correct. You can contribute to an investment ISA and a cash ISA in the same year and they do not need to be with the same provider; the restriction is just that the total amount of new money contributed within a tax year across all your ISAs is under the £15240 limit.

The Help to Buy cash ISA is just a special type of cash ISA which has its own restrictions on how much you can put into it. But as there is no restriction that stops you putting money into a cash ISA (of any type) with provider A and also putting money into an investment ISA with provider A or provider B during the the same year, you're fine.

NIGHTHAWK · 28 May 2016 at 3:17PM

Thank you... I feel much better now...I thought so, the bank's website is clear...I cannot believe I have been verbally told to stop contributing to my Help to buy ISA in order to keep the investment ISA

I've been left upset and confused...

Crabman · 29 May 2016 at 12:21AM

Hello

This thread has been moved over to the ISAs sub-board.

Contributions to Help to Buy Isa and Stocks and shares ISA in the same tax year

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