Can I contunue to use previous years ISA account ?

walidjumblat

Hello, I have read and understand the ISA rules that I have accessed. Including the 20K yearly allowance and that it can be distributed amongst various types of ISAs. But its still not clear to me if , in the next tax year, I can continue to pay into the ISA account that I opened this year. As an extreme ( simple example ) could I open a stocks and shares ISA in this year and then just pay 20K a year into it every tax year. Or do I need to open a seperate ISA each year ?

eskbanker

You can simply keep paying into the same one, there's no need to restart with another just because it's a new tax year with a new annual allowance.

walidjumblat

Thanks ... so just to clarify after say 5 years I could have £100K saved in a single ISA account if I I put my yearly ISA allowance into the same account ?

jimjames

walidjumblat wrote: »

Thanks ... so just to clarify after say 5 years I could have £100K saved in a single ISA account if I I put my yearly ISA allowance into the same account ?

Yes. It should even be much higher than that as you'd expect the investments to grow too. There are S&S ISA millionaires who have done very well from their investments when the money added to the ISA is probably under £200k