ISA limits

Tigerboy

I have a new cash ISA in the last tax, for £20k, can I increase this in the new tax year (6th April 2025 to 5th April 2026), say by £6k so I would have a total ISA OF £26K. Which still leaves me will an ISA allowance to use for the tax year of £14k.

eskbanker

The ISA rule is £20K of new money per tax year, so yes, you can contribute up to £20K more over and above what you paid in last year - whether or not you can deposit more money into the same ISA will depend on the individual product's Ts & Cs, as most fixed term ones, for example, will only allow contributions within a short initial funding window after opening.

jimjames

Depends if the existing ISA will allow additional payments. If not then you can open a new ISA with £6k or up to £20k