'Help to Buy ISA' with additonal ISA

xlr8ted

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You may also find our fully researched Help to Buy ISA guide helpful.

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Hi there,

I am hoping someone might be able to answer what I think should be a couple of easy questions! Thanks a lot in advance.

1) If I open a 'Help to buy ISA' in 2016 and contribute for 4 years, am I able to open a cash ISA in 2017, 2018, 2019 and 2020 also and contribute to those in addition? Most of the material I have been reading state you cannot open a Help To Buy ISA and another ISA in the same tax year but nothing about the subsequent years where the Help to buy ISA is being contributed into.

2) The same above question but with a Share and Investment ISA instead of the Cash ISA?

Many thanks!
A

ViolaLass

You cannot contribute to more than one cash ISA in the same year (you can open as many as you like).

MARTYM8`

ViolaLass wrote: »

You cannot contribute to more than one cash ISA in the same year (you can open as many as you like).

Except some companies allow you to split your annual allowance between different ISAs - Nationwide being an example. So with them you could split your investment for 2015-16 between several of their ISA products (e.g. flexexclusive and regular saver)

However the Government appears clear that you cannot invest in a help to buy ISA and a cash ISA in the same tax year - although you could potentially invest in a stocks and shares ISA to top up the difference.

Helpful guide here

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

So people considering buying a £450,000 home in London may have to find other non isa homes for the other £30k they will need for their 10% deposit. Cos at a time of austerity FTBs who can afford to buy £450k properties in London are top priorities for government handouts.

ViolaLass

MARTYM8` wrote: »

Except some companies allow you to split your annual allowance between different ISAs - Nationwide being an example. So with them you could split your investment for 2015-16 between several of their ISA products (e.g. flexexclusive and regular saver).

True, I was being lazy in my reply. Good correction.