ISA timings.

tizzy71

I have a cash isa that I opened in November 23. 

Can I open another now for 2024 while the 2023 ISA is open? 

Thank you. 

JGB1955

Yes - you can open limitless ones each year.  In fact... you could open (one or more) Stocks & Shares ISA AND one (or more) cash ISAs and......and.... as long as you only pay in £20K of new money each financial year.

flossy_splodge

May I just clarify that the rules only changed THIS year and now it's all about only investing the limit of £20000 per person per FINANCIAL year and no longer restricting that investment to just a single account.

So from April to April you get an allocation of £20000 to invest then the first day of the new financial year you start all over with another allocation of £20000. Hope this helps.

tizzy71

Brilliant! 

Thanks for your replies. 

I’m going to have a look at the 121 account. 

Cheers! 

jimjames

flossy_splodge said:

May I just clarify that the rules only changed THIS year and now it's all about only investing the limit of £20000 per person per FINANCIAL year and no longer restricting that investment to just a single account.

So from April to April you get an allocation of £20000 to invest then the first day of the new financial year you start all over with another allocation of £20000. Hope this helps.

The rules have always allowed you to open 2 ISAs per year (S&S and cash). You've also always been able to pay into one ISA repeatedly (if the terms allow) or open a new one each year.

flossy_splodge

jimjames said:

flossy_splodge said:

May I just clarify that the rules only changed THIS year and now it's all about only investing the limit of £20000 per person per FINANCIAL year and no longer restricting that investment to just a single account.

So from April to April you get an allocation of £20000 to invest then the first day of the new financial year you start all over with another allocation of £20000. Hope this helps.

The rules have always allowed you to open 2 ISAs per year (S&S and cash). You've also always been able to pay into one ISA repeatedly (if the terms allow) or open a new one each year.

I was trying to not make the answer too complicated for the OP who seemed to need some fairly basic advice.

Alexland

flossy_splodge said:

I was trying to not make the answer too complicated for the OP who seemed to need some fairly basic advice.

It's personal tax year starting 6th April each year.