Newbie ISA questions...

Paul_Herring

fisher-man wrote: »

Of course, I see now. I can have as many as I want but the total I can invest in all of them in any one tax year is the limit for that year.

No. Lets start again:

You can only contribute to one ISA per tax year - this is the current year's ISA.

If you want to use another provider in that tax year, you must move all the contributions you've made that year (but not necessarily previous year's ISAs) over to the new provider before contributing further to it.

You are limited in how much you can pay into this ISA. You cannot contribute to previous years' ISAs. (But they will increase anyway when interest gets added.)

Once a new tax year starts, your 'current' ISA becomes a 'previous year's ISA' and you can no longer contribute to it.

You may have 'previous year's' and 'current years' ISA with either different fincial institutions, or the same financial institution, in which case it will 'seem' as if they're all lumped into one ISA, but in reality, you have two there; one consisting of all previous years' ISAs (which you cannot contribute to,) and this year's ISA (which you can contribute to up to a limit.)

Any muddier?