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Help to buy ISA

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Do I need to close a cash ISA before I can open a help to buy ISA? If so do I need to wait until the new tax year in April before I can open my help to buy isa?

Thanks

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  • bravotango
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    Did you "Subscribe" (i.e. put any "new" money/funds) in this tax year (i.e. between April 2016 - March 2017)?

    If no, you can open the HTB ISA now.

    If yes, then you can only a new HTB ISA in April 2017.

    Don't forget the rule that once you have opened a HTB ISA (i.e. you will be subscribing with new funds), you cannot be subscribing to another ISA in the same tax year.
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    :)
  • george4064
    george4064 Posts: 2,818 Forumite
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    I strongly suggest reading the Help to Buy ISA guide here: http://forums.moneysavingexpert.com/showthread.php?t=5371330
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    bravotango wrote: »
    Don't forget the rule that once you have opened a HTB ISA (i.e. you will be subscribing with new funds), you cannot be subscribing to another ISA in the same tax year.
    Over-simplistic. You can subscribe to a cash ISA (including HTB), an S&S ISA, an IF ISA, and (from April) a LISA all in the same year, with different (or the same) managers, with the annual total over all of them limited to the ISA allowance £15,240 now/£20,000 from April.

    Additionally, some ISA managers eg Nationwide, allow you to split your cash ISA between their products, so you can have both HTB and ordinary cash ISA.
    Eco Miser
    Saving money for well over half a century
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