Closing and opening an ISA

Yoohyeoniee

Hi,
I am 16 and opened a cash isa this tax year, i have not paid into it this year. Would i be able to close this isa and open a new one within this tax year or not?

masonic

You can open a new cash ISA and pay into it this tax year regardless of whether or not you close the old one.

Reed_Richards

I looked on the government web site. The section on how to open an ISA https://www.gov.uk/individual-savings-accounts/how-to-open-an-isa tells you nothing whatsoever about how to open an ISA, just lists the financial institutions that provide them. I think the reality is that you don't really open an ISA until you put money into it (no matter how many forms you filled and pieces of identification you provided). Hence, I suppose, the answer from masonic.

masonic

Reed_Richards wrote: »

Hence, I suppose, the answer from masonic.

The answer from masonic is based on the fact that HMRC doesn't care how many ISAs you open. It only cares about ISAs into which you have paid money in a given tax year.