Opening a new cash Isa , transferring last year matured cash Isa, Isa interest

ITR1998

slinger2 said:

GrandmaJJ said:

Sorry to sound thick but if I have 20,000 in one ISA can I open another one with a different provider with 20,000 without closing the first one down 

Yes. You can have ISAs with many different providers. Or many ISAs with one provider or whatever you want.

You can put money into many different ISAs in the same tax year. However you can only put £20,000 in total into all your ISAs each tax year.

@slinger2
 
I had exactly the same question as GrandmaJJ, with two additional points:

I have a Cash ISA in bank A with 20k that will earn around £900 tax free in the 25/26 tax year.

Q1 - If I leave that money in bank A at the end of the tax year and continue to earn interest, will that interest count towards my taxable amount for 26/27?

Q2 - Can I add another 20k to that same ISA and receive tax free interest on the new investment? 

slinger2

Q1. No, there's no tax on the interest.

Q2. Yes. You can add more money as long as the terms and conditions of the ISA account allow it.

wmb194

ITR1998 said:

slinger2 said:

GrandmaJJ said:

Sorry to sound thick but if I have 20,000 in one ISA can I open another one with a different provider with 20,000 without closing the first one down 

Yes. You can have ISAs with many different providers. Or many ISAs with one provider or whatever you want.

You can put money into many different ISAs in the same tax year. However you can only put £20,000 in total into all your ISAs each tax year.

@slinger2
 
I had exactly the same question as GrandmaJJ, with two additional points:

I have a Cash ISA in bank A with 20k that will earn around £900 tax free in the 25/26 tax year.

Q1 - If I leave that money in bank A at the end of the tax year and continue to earn interest, will that interest count towards my taxable amount for 26/27?

Q2 - Can I add another 20k to that same ISA and receive tax free interest on the new investment? 

Q1. No, ISAs are tax free.

Q2. If the account allows additional deposits, yes. Otherwise you can open a new ISA or ISAs and deposit your annual allowance there.

eskbanker

ITR1998 said:

I have a Cash ISA in bank A with 20k that will earn around £900 tax free in the 25/26 tax year.

Q1 - If I leave that money in bank A at the end of the tax year and continue to earn interest, will that interest count towards my taxable amount for 26/27?

Just to be clear, if the money stays within the ISA in bank A then no, but if the interest is paid out of the ISA into another (non-ISA) account at bank A, then interest earned thereafter would be taxable.