ISAs - slightly confused

jbanks

Hi

I just want some clarification on something before I make a mistake!

I have an ISA and have used up my £3000 allowance this year. I plan to open a new ISA next week.

This is my confused part - will I be able to pay £3600 into both accounts in the next year (total £7200) or will I only be allowed to pay £3600 in the next year (all in one or spread between the two!)

Thanks

J

Lokolo

You cannot spread between the 2 and you can only put £3600 in.

You can either:

• open a new ISA with a different provider and put the £3600 in.
• keep the ISA you have now and put £3600 in
• transfer the current ISA to a new ISA and put £3600 in

jbanks

Thanks very much!

Just out of interest!

What would happen if you paid 3600 into both!

I won't now that I know but I am curious to see what may have happened to me!

Thanks again!

Lokolo

You will get a letter from HMRC (or some other governemnt people) saying 'rar rar rar you have put too much money into your cash ISA and you will be punished if you do it again, because of this error you will not be able to add money to next years ISA' or something like that.