Opening an ISA over end of the tax year

Malchester

Hi. Simple question I think. If I open an ISA on, say, 1st of April 2024 and fund it on 8th April 2024 does the ISA subscription count as the 2023/2024 tax year or 2024/2025 tax year? I think I know but just wanted to check. Thanks 

refluxer

It's when the ISA is funded, so subscriptions made on the 8th April would count against the 2024-25 ISA allowance.

subjecttocontract

2024/2025 tax year

Ocelot

There was a thread about this in March. Most providers allow you to open an ISA in one tax year and fund it the next (assuming it is within the funding window).

35har1old

Ocelot said:

There was a thread about this in March. Most providers allow you to open an ISA in one tax year and fund it the next (assuming it is within the funding window).

It would be classed as being funded 2024/2025 tax year

Reed_Richards

An ISA never starts until it's funded.  Opening an ISA is like unlocking a door.  Funding an ISA is like entering through the door.  Until you fund an ISA you're still on the outside.

eskbanker

Reed_Richards said:

An ISA never starts until it's funded.  Opening an ISA is like unlocking a door.  Funding an ISA is like entering through the door.  Until you fund an ISA you're still on the outside.

Perhaps that analogy could be extended to accommodate transfers, by saying that the ISA wrapper is like a house, and the annual subscription limit only relates to entering the house from outside, whereas moving from one room [ISA] to another within the house can be done without affecting the limit, i.e. there's a difference between external and internal doors!