Multiple IFISA in the same tax year

sgog

I see conflicting information about whether one is allowed to put money into multiple IFISA in the same year.

For example, 4thway.co.uk claims that you are allowed to, while moneytothemasses.com says that only one is allowed.

I couldn't find anything conclusive about this; which of them is correct?

ColdIron

The first link is correct, the second is misleading. You can open as many as you like but you can only subscribe, put new money into, 1 of each type each financial year. You can transfer many existing ISAs into to many new ISAs outside of this restriction as this is not new money

brucefan_2

Whilst it is true that you can only add new funds to any one type of ISA per financial year, there is  - as far as I understand it  - a workaround to fund more than one IFISA if you should so wish. 

You are completely at liberty to 'open' as many IFISAs as you may choose in any one financial year.  If you currently have an ISA from a previous financial year which allows partial transfers, you could do multiple partial transfers to the new IFISAs without falling foul of the regulations, because you are not funding any of them with 'new money'

Without knowing your circumstances, it would be difficult to make further comment.

Personally, given the very nature of IFISAs, I would be reluctant to 'top-load' my savings/investments into them.

None of the above is advice. Please do your own research.

David

eskbanker

brucefan_2 said:

Whilst it is true that you can only add new funds to any one type of ISA per financial year...

No, it isn't true!  As @ColdIron stated, the rule is that you can only add new funds to one of each type, not 'any one type', i.e. you can pay into four in total, not just one....

brucefan_2

eskbanker said:

brucefan_2 said:

Whilst it is true that you can only add new funds to any one type of ISA per financial year...

No, it isn't true!  As @ColdIron stated, the rule is that you can only add new funds to one of each type, not 'any one type', i.e. you can pay into four in total, not just one....

That is actually what I intended to post but was careless in my choice of phrase - thanks for the correction.

To get to four the combination would have to be:

IFISA
Cash ISA
S & S ISA
Lifetime S & S ISA (not Lifetime Cash).

Is that correct?

Albermarle

I see conflicting information about whether one is allowed to put money into multiple IFISA in the same year

If you are talking about mainly P2P/property development  lending of some kind, you might find it difficult to identify too many IFISA's as so many have closed for new business, gone bust ,or  in a rundown scenario.

Tread carefully !

eskbanker

brucefan_2 said:

eskbanker said:

brucefan_2 said:

Whilst it is true that you can only add new funds to any one type of ISA per financial year...

No, it isn't true!  As @ColdIron stated, the rule is that you can only add new funds to one of each type, not 'any one type', i.e. you can pay into four in total, not just one....

That is actually what I intended to post but was careless in my choice of phrase - thanks for the correction.

To get to four the combination would have to be:

IFISA
Cash ISA
S & S ISA
Lifetime S & S ISA (not Lifetime Cash).

Is that correct?

Nearly - the Lifetime one can be either S&S or cash, as these are subtypes of Lifetime ISA and don't conflict with S&S or cash ISAs.