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Life after Help to Buy ISA

tjl694
tjl694 Posts: 2 Newbie
Second Anniversary
in ISAs & tax-free savings
Hi all,

I was fortunate enough to complete on a house in June of this year for which I used my Help to Buy ISA.

Now, as I've already paid into that Help to Buy ISA this tax year, does that technically mean that I can't open and pay into another ISA of any sort?

Comments

  • LMS94
    LMS94 Posts: 45 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    You can open a new ISA each tax year, it doesn't matter if you've paid into one this tax year.
  • Ed-1
    Ed-1 Posts: 4,018 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    LMS94 wrote: »
    You can open a new ISA each tax year, it doesn't matter if you've paid into one this tax year.

    Wrong.....
  • Ed-1
    Ed-1 Posts: 4,018 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 28 September 2018 at 1:33PM
    tjl694 wrote: »
    Hi all,

    I was fortunate enough to complete on a house in June of this year for which I used my Help to Buy ISA.

    Now, as I've already paid into that Help to Buy ISA this tax year, does that technically mean that I can't open and pay into another ISA of any sort?

    You can pay into one ISA of each type (cash, S&S, IF, lifetime) in each tax year. You can also close an ISA once in a tax year and then pay into another of the same type. This is what you would be doing.
  • masonic
    masonic Posts: 29,128 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Ed-1 wrote: »
    You can also close an ISA once in a tax year and then pay into another of the same type.
    This is true for the OP, but it's important to appreciate that this provision applies to cash ISAs (including HTB) and the rules are stricter for other types of ISA.
  • badger09
    badger09 Posts: 11,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tjl694 wrote: »
    Hi all,

    I was fortunate enough to complete on a house in June of this year for which I used my Help to Buy ISA.

    Now, as I've already paid into that Help to Buy ISA this tax year, does that technically mean that I can't open and pay into another ISA of any sort?


    Assuming you mean cash savings, another ISA is not the best idea.

    Have a look here


    https://www.moneysavingexpert.com/savings/which-saving-account/#steps-2
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