ISA amounts allowed before tax

Could someone just clarify for me please the amounts we are allowed in ISA accounts. I have two ISAs that I pay into currently totalling 20000. Is that my limit or is it 20000 in each? Or is it per year. They are both just simple saving ISAs . Thanks 

Comments

  • Ayr_Rage
    Ayr_Rage Posts: 1,048 Forumite
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    You can only have ONE cash ISA per tax year !

    You can pay into two ISAs in the same tax year provided they are different types of ISA. It would be fine to pay into both a cash ISA and a Stocks & Shares ISA in one tax year as long as you're below the £20,000 limit.
  • RacingDriver
    RacingDriver Posts: 392 Forumite
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    Ayr_Rage said:
    You can only have ONE cash ISA per tax year !

    You can pay into two ISAs in the same tax year provided they are different types of ISA. It would be fine to pay into both a cash ISA and a Stocks & Shares ISA in one tax year as long as you're below the £20,000 limit.
    ...until the next financial year when you can have multiple but still overall limited to £20,000 subscriptions.
  • Ayr_Rage
    Ayr_Rage Posts: 1,048 Forumite
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    @richpoortyke, you are currently breaking the rules.
  • richpoortyke
    richpoortyke Posts: 154 Forumite
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    Think I have paid into two of the same type tho I would have to check. 
  • badger09
    badger09 Posts: 11,206 Forumite
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    Ayr_Rage said:
    @richpoortyke, you are currently breaking the rules.
    Not necessarily.
    There are several providers which offer ‘portfolio’ or ‘split’ ISAs, (eg Aldermore, Ford Money, Nationwide) meaning you could for example pay £10k into a Fixed Rate ISA & then pay up to £10k into an Easy Access ISA in the same tax year

    @richpoortyke where are your ISAs held?
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