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Does HTB ISA prevent opening another ISA?

PawelGK
Posts: 9 Forumite

Hello everyone.
While I am aware that you can only open one cash ISA each tax year (assumption that the full 20k allowance is utilised) and/or contribute to one, I just want to double check something.
My partner opened HTB ISA few years ago and has been putting in max.£200 each month. This account will soon reach the maximum total saving balance of £12,000, on which bonus can be given.
If the last installment will be in April or May 2024, does it mean this will disqualify the person from opening another cash ISA for the tax year 24/25 and forcing to wait until April 2025?
Many thanks.
While I am aware that you can only open one cash ISA each tax year (assumption that the full 20k allowance is utilised) and/or contribute to one, I just want to double check something.
My partner opened HTB ISA few years ago and has been putting in max.£200 each month. This account will soon reach the maximum total saving balance of £12,000, on which bonus can be given.
If the last installment will be in April or May 2024, does it mean this will disqualify the person from opening another cash ISA for the tax year 24/25 and forcing to wait until April 2025?
Many thanks.
0
Comments
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No, the rules change next month so any number of ISAs can be funded concurrently subject only to the overall £20K annual contribution limit.1
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Thank you eksbanker. Have a good day.0
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Just a quick pointer, assume you realise the restrictions of the HTB Isa? See my other post.....If you have time it would be better to transfer to a LISA and have a higher "purchase maximum" in a year's time. Otherwise it is £250,000 which is very difficult in many areas rather than £450000 On a LISA!1
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ruth56_2 said:Just a quick pointer, assume you realise the restrictions of the HTB Isa? See my other post.....If you have time it would be better to transfer to a LISA and have a higher "purchase maximum" in a year's time. Otherwise it is £250,000 which is very difficult in many areas rather than £450000 On a LISA!0
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PawelGK said:
it's unlikely savings will be actually used to buy a property in the UK.1 -
PawelGK said:ruth56_2 said:Just a quick pointer, assume you realise the restrictions of the HTB Isa? See my other post.....If you have time it would be better to transfer to a LISA and have a higher "purchase maximum" in a year's time. Otherwise it is £250,000 which is very difficult in many areas rather than £450000 On a LISA!0
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