How much can you add to a PREVIOUS year’s ISA?

acannyscot

I placed £5000 into a Stocks & Shares ISA in 2019/20.  I have a new Stocks and Shares ISA (with a different provider) for 2020/21. My query is not about transfers.

Can I continue to add to last years ISA &, as it is last year’s, can I invest more than £20,000 into it (tax benefits aside)?

My 2019/20 investment is in a RBS Portfolio Fund.  I recognise that I’m not gaining tax benefits by investing in a previous years ISA but it is showing favourable growth. 

In essence, can I pay in more than £20K investment into a previous years Stocks & Shares ISA?

grumiofoundation

acannyscot said:

I placed £5000 into a Stocks & Shares ISA in 2019/20.  I have a new Stocks and Shares ISA (with a different provider) for 2020/21. My query is not about transfers.

Can I continue to add to last years ISA &, as it is last year’s, can I invest more than £20,000 into it (tax benefits aside)? No

My 2019/20 investment is in a RBS Portfolio Fund.  I recognise that I’m not gaining tax benefits by investing in a previous years ISA but it is showing favourable growth. So you don't want to pay into an ISA? Why not open a general investment account if you want to invest outside ISA?

In essence, can I pay in more than £20K investment into a previous years Stocks & Shares ISA?

You can pay a total of £20,000 each tax year into ISA. Max one of each type (cash, S and S, IF and LISA).

You can just invest in the RBS fund outside an ISA if you want. 

On a side note your RBS portfolio fund is unlikely to be doing any better than a similar fund with any other provider.

masonic

acannyscot said:

Can I continue to add to last years ISA &, as it is last year’s, can I invest more than £20,000 into it (tax benefits aside)?

No, after the end of the tax year you cannot add any money to an ISA, even if you didn't utilise the full ISA allowance for that tax year. You can only add money to ISAs for the current tax year, if you try to add money to a previous year ISA you'll be opening a new ISA for the current tax year which could be invalid if you've already paid money into a current year ISA of the same type elsewhere.