Does paying monthly, into a previous year’s ISA, count as this year’s allowance

acannyscot

I have £20K & was going to invest in a new ISA this year (2024/25).  I opened up a previous ISA a few years ago, into which I still pay £200 a month.  Can I still keep paying £200 into that older ISA each month or does that count as being over my £20K yearly limit? i.e. am I only allowed to pay £17,600 into a new ISA & £2,400 (£200/monthly) into my older ISA bringing my total deposits into 2 ISAs, opened separate years, to £20k?

Martico

Any new money that you add this year comes under this year's allowance, no matter when you open(ed) the product. 

refluxer

It doesn't matter when the ISA was opened - you can only pay £20k of new subscriptions in total into an ISA (or ISAs) each tax year.

So yes - if you intend to pay £200/month into the existing ISA for the rest of this tax year, then you'll have a further £17,600 left from your 2024-25 allowance.

If you opened the existing ISA a few years ago, have you checked the rate is still competitive ?

Mark_d

The 20k limit is a limit on how much you can contribute each year.  It is not related to when your accounts were first opened.

acannyscot

Thanks for making it clear, Folks