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Isa
elitemizhu
Posts: 2 Newbie
Good evening, I'm asking a question on behalf of a relative. They are wishing to share the £20,000 ISA allowance between 2 different cash ISAs. Is this allowed?
Many thanks, E.
Many thanks, E.
0
Comments
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It isn't possible to pay into multiple cash ISAs in the same tax year, unless they're both/all with one of the few providers who offer a 'split ISA' facility, as explained at https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-0334234523-3
Edit: should have added that, depending on what your relative's intentions are, it may be possible to work around the 'one ISA of each type per tax year' rule, such as paying into a S&S ISA late in the tax year, not actually investing it (i.e. leaving it as cash), and then transferring it to a cash ISA in the next tax year as prior year money.0 -
thank you!0
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