ISA Question

Malibusmash

Can someone please advise?

If I open this year's ISA with, say £100 and then open up another ISA after April 6th with say the full £15,000, can I still add to the original £100 ISA after April 6th?

jimjames

No.

The current year allowance ends on 5th April

Malibusmash

Sorry - I meant April 5th. So I can't (after April 5th) add any more money to an ISA I opened up in this tax year, is that correct?

Lokolo

Yes you can.

You don't have to open up another ISA each year. You can instead choose to top up an existing ISA. That ISA will be this years active ISA.

Archi_Bald

Malibusmash wrote: »

Can someone please advise?

If I open this year's ISA with, say £100 and then open up another ISA after April 6th with say the full £15,000, can I still add to the original £100 ISA after April 6th?

Each tax year, you can only put new money into 1 cash ISA and 1 S&S ISA, to a combined total of your allowance for that year.

Assuming both the ISAs you are talking about are of the same type: Once you have put anything into the 2015-16 ISA, you cannot put any more into the 2014-15 ISA. Equally, if you have put something into the 2014-15 ISA after April 5 2015, you cannot put any money into a new 2015-16 ISA.

Archi_Bald

Lokolo wrote: »

Yes you can.

you have answered a question that wasn't asked. The answer is No you can't.

Lokolo wrote: »

You don't have to open up another ISA each year. You can instead choose to top up an existing ISA. That ISA will be this years active ISA.

this is of course correct but the question was different

jimjames

Malibusmash wrote: »

Sorry - I meant April 5th. So I can't (after April 5th) add any more money to an ISA I opened up in this tax year, is that correct?

That is correct.

Each year the ISA limit resets, hence the term use it or lose it

Lokolo wrote: »

Yes you can.

You don't have to open up another ISA each year. You can instead choose to top up an existing ISA. That ISA will be this years active ISA.

No you can't. The op wants to pay into an ISA using last years allowance next year as well as that year's allowance. That isn't possible.

Lokolo

Opps apologies, didn't read the "if I open up another ISA after April 5th"