Discussion
I thought I understood the rules but I'm seeing conflicting information when I try to confirm it.
As I understand it:
You can have more than one active ISA in a year providing one is cash and one shares.
You can put money into both providing the total doesn't exceed £20,000 for the year.
You can open an additional cash ISA, IE with a separate provider, in the next financial year providing you don't also put money into the old ISA. In this situation you can transfer the money from the old to the new without the transfer counting towards the £20,000 limit.
Is this right?
As I understand it:
You can have more than one active ISA in a year providing one is cash and one shares.
You can put money into both providing the total doesn't exceed £20,000 for the year.
You can open an additional cash ISA, IE with a separate provider, in the next financial year providing you don't also put money into the old ISA. In this situation you can transfer the money from the old to the new without the transfer counting towards the £20,000 limit.
Is this right?
Just purely for my own curiosity, according to the .gov website, “Every tax year you can put money into one of each kind of ISA.”
It also says there is 4 types of ISA:
Cash
Stocks & shares
Lifetime
Innovative finance
Now, does that mean you could actually have 4 in one year, or 5?
Lifetime ISAs are also subsetted in to cash and S&S, so would they notionally count as separate types, or just be bundled together?
It also says there is 4 types of ISA:
Cash
Stocks & shares
Lifetime
Innovative finance
Now, does that mean you could actually have 4 in one year, or 5?
Lifetime ISAs are also subsetted in to cash and S&S, so would they notionally count as separate types, or just be bundled together?
emicen said:
Just purely for my own curiosity, according to the .gov website, “Every tax year you can put money into one of each kind of ISA.”
It also says there is 4 types of ISA:
Cash
Stocks & shares
Lifetime
Innovative finance
Now, does that mean you could actually have 4 in one year, or 5?
Lifetime ISAs are also subsetted in to cash and S&S, so would they notionally count as separate types, or just be bundled together?
It also says there is 4 types of ISA:
Cash
Stocks & shares
Lifetime
Innovative finance
Now, does that mean you could actually have 4 in one year, or 5?
Lifetime ISAs are also subsetted in to cash and S&S, so would they notionally count as separate types, or just be bundled together?
gov.uk said:
You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.
You can only pay £4,000 into your Lifetime ISA in a tax year.
Example
You could save £15,000 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.
Example
You could save £11,000 in a cash ISA, £2,000 in a stocks and shares ISA, £3,000 in an innovative finance ISA and £4,000 in a Lifetime ISA in one tax year.
You can only pay £4,000 into your Lifetime ISA in a tax year.
Example
You could save £15,000 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.
Example
You could save £11,000 in a cash ISA, £2,000 in a stocks and shares ISA, £3,000 in an innovative finance ISA and £4,000 in a Lifetime ISA in one tax year.
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