£20k allowance across multiple ISA's within one year?

Hi,

Can the £20k allowance be put into multiple ISA's within the one financial year.

For example, if somebody had £60k and wanted to put £20k into three different ISA's within the one financial year, would this be possible. Or is it a £20k limit for the year, regardless of account types/numbers?

Kind regards,

Comments

  • jimjames
    jimjames Posts: 17,501
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    The ISA limit is £20k per year. You can split it across different types of ISA but you can't pay in more than £20k each year.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • hpas251
    hpas251 Posts: 14
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    The maximum is £20000 of new money into ISAs of all descriptions in any financial year. Transfers from previous years' ISAs and interest/investment growth do not count towards this limit. So the answer to your question is no.
  • Beddie
    Beddie Posts: 560
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    Read all of this page for helpful guidance:

    https://www.moneysavingexpert.com/savings/best-cash-isa/
  • Albermarle
    Albermarle Posts: 21,225
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    edited 7 November 2023 at 10:58AM
    JakeGH said:
    Hi,

    Can the £20k allowance be put into multiple ISA's within the one financial year.

    For example, if somebody had £60k and wanted to put £20k into three different ISA's within the one financial year, would this be possible. Or is it a £20k limit for the year, regardless of account types/numbers?

    Kind regards,
    Suggest you spend some time reading through the forum, as this will greatly expand your knowledge about ISA rules.

    The £20K limit is set by HMRC and nothing to do with which provider you use,
  • hpas251 said:
    The maximum is £20000 of new money into ISAs of all descriptions in any financial year. Transfers from previous years' ISAs and interest/investment growth do not count towards this limit. So the answer to your question is no.
    I want to transfer money from two stocks and shares ISA(s) and consolodate into an existing third S&S ISA.

    The sum of the two ISAs comes to a fair bit more than £20k with no new money added to them this tax year, and I've been drip feeding money into the third ISA on a monthly basis over the same period.

    Can I transfer the full amount? Or will I have to calculate how much I need to withhold so that only £20k is invested during the period?

    The question may have been answered in the quoted post, but I need to be absolutely certain that what I'm intending does not fall foul of ISA regulations.
  • xylophone
    xylophone Posts: 43,892
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    The sum of the two ISAs comes to a fair bit more than £20k with no new money added to them this tax year, 

    You may request the provider of ISA 3 (which is holding your current tax year's contributions) to transfer in ISAs 1 and 2.


    You will need to decide on whether it is to be a transfer in specie (if possible) or in cash.


    A transfer in specie could well take longer - I vowed never again after a six months saga of delays and errors but other posters have had more positive experiences.

  • nuffznuff said:
    hpas251 said:
    The maximum is £20000 of new money into ISAs of all descriptions in any financial year. Transfers from previous years' ISAs and interest/investment growth do not count towards this limit. So the answer to your question is no.
    I want to transfer money from two stocks and shares ISA(s) and consolodate into an existing third S&S ISA.

    The sum of the two ISAs comes to a fair bit more than £20k with no new money added to them this tax year, and I've been drip feeding money into the third ISA on a monthly basis over the same period.

    Can I transfer the full amount? Or will I have to calculate how much I need to withhold so that only £20k is invested during the period?

    The question may have been answered in the quoted post, but I need to be absolutely certain that what I'm intending does not fall foul of ISA regulations.

    Transfers of previous years' ISA subscriptions don't count towards the current year's allowance of £20K. Hence, the values of the first two S&S ISAs is irrelevant when you are transferring them to ISA number three.





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