Can you add 20k each tax year to the same ISA?

samsong_1234

I could not find firm info on this and I tried to call HMRC who seem to just hang up on you

An example:

• I put 20k into a stocks and shares ISA this year and it makes 1k, balance therefore is 21k on 4th April 2024
• On 5th April 2024 the allowance is still 20k for an ISA

Does this mean I can put 19K into the existing stocks and shares isa, making 40k total in 2024/25 tax year in the same ISA?
Or do i need to create a new ISA, so I then have two ISAs (one with 21k and one with 19k)?

Thanks

Albermarle

Neither.
The rule is that you can add £20K of new money every year.
It does not matter if the previous years £20K has grown or shrunk.
So you can add £20K to the £21K in the existing ISA, or add £20K to a new ISA.

I could not find firm info on this and I tried to call HMRC who seem to just hang up on you

If you read this forum regularly you will see that every possible question about ISA's has been asked and answered many times, so it is a good source of info. 

samsong_1234

Albermarle said:

Neither.
The rule is that you can add £20K of new money every year.
It does not matter if the previous years £20K has grown or shrunk.
So you can add £20K to the £21K in the existing ISA, or add £20K to a new ISA.

I could not find firm info on this and I tried to call HMRC who seem to just hang up on you

If you read this forum regularly you will see that every possible question about ISA's has been asked and answered many times, so it is a good source of info. 

Ok so just to double check:

2024 - 20k
2025 - 20k + existing 20k
2026 - 20k + existing 40k

Thanks

Albermarle

samsong_1234 said:

Albermarle said:

Neither.
The rule is that you can add £20K of new money every year.
It does not matter if the previous years £20K has grown or shrunk.
So you can add £20K to the £21K in the existing ISA, or add £20K to a new ISA.

I could not find firm info on this and I tried to call HMRC who seem to just hang up on you

If you read this forum regularly you will see that every possible question about ISA's has been asked and answered many times, so it is a good source of info. 

Ok so just to double check:

2024 - 20k
2025 - 20k + existing 20k
2026 - 20k + existing 40k

Thanks

Yes and any growth in previous years ISA's has no effect on the ability to contribute the full £20K in the following year.

samsong_1234

Albermarle said:

samsong_1234 said:

Albermarle said:

Neither.
The rule is that you can add £20K of new money every year.
It does not matter if the previous years £20K has grown or shrunk.
So you can add £20K to the £21K in the existing ISA, or add £20K to a new ISA.

I could not find firm info on this and I tried to call HMRC who seem to just hang up on you

If you read this forum regularly you will see that every possible question about ISA's has been asked and answered many times, so it is a good source of info. 

Ok so just to double check:

2024 - 20k
2025 - 20k + existing 20k
2026 - 20k + existing 40k

Thanks

Yes and any growth in previous years ISA's has no effect on the ability to contribute the full £20K in the following year.

Brilliant thanks for letting me know really appreciate it 

badger09

Just to be clear, the tax year starts on 6th April and ends the following 5th April. 

Your OP implies it runs 5th - 4th?