ISAs - Basic stupid question

[anonymous-user]

Have Googled this but see contradictory answers so thought I'd ask here.

I have a S&S ISA opened this FY.

I'd like another with a different company. I understand I can open this from 6th April (First day of the new FY).

Question: Can I pay into both of them next FY up to a total of £20k (for example £10k in each)? Or can I only pay into one of them in a given FY?

Many thanks.

[Insurancejon]

As long as you don’t beach the total 20k you can pay into as many as you like

[anonymous-user]

Insurancejon said:

As long as you don’t beach the total 20k you can pay into as many as you like

Is the correct answer.

[Phooey]

garyhun said:

Insurancejon said:

As long as you don’t beach the total 20k you can pay into as many as you like

Is the correct answer.

I didn’t think you could, not a S&S ISA

[emicen]

garyhun said:

Insurancejon said:

As long as you don’t beach the total 20k you can pay into as many as you like

Is the correct answer.

Not according to the Gov.uk website:

Gov said:

There are 4 types of ISA:

- cash ISAs
- stocks and shares ISAs
- innovative finance ISAs
- Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

https://www.gov.uk/individual-savings-accounts

[anonymous-user]

emicen said:

garyhun said:

Insurancejon said:

As long as you don’t beach the total 20k you can pay into as many as you like

Is the correct answer.

Not according to the Gov.uk website:

Gov said:

There are 4 types of ISA:

- cash ISAs
- stocks and shares ISAs
- innovative finance ISAs
- Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

https://www.gov.uk/individual-savings-accounts

OP is only talking about S&S ISA though.

[emicen]

garyhun said:

emicen said:

garyhun said:

Insurancejon said:

As long as you don’t beach the total 20k you can pay into as many as you like

Is the correct answer.

Not according to the Gov.uk website:

Gov said:

There are 4 types of ISA:

- cash ISAs
- stocks and shares ISAs
- innovative finance ISAs
- Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

https://www.gov.uk/individual-savings-accounts

OP is only talking about S&S ISA though.

He said he opened an S&S ISA this year. He then said he would like to open “another one” with a different company.

Another cash/innovative/lifetime; absolutely and pay in to both.

Another S&S ISA; no, you cannot pay in to two S&S ISAs in one year.

Pay in to as many as you like as long as you don’t breach 20k; no, 1 of each type.

[Smurfsarepeopletoo]

emicen said:

He said he opened an S&S ISA this year. He then said he would like to open “another one” with a different company.

Another cash/innovative/lifetime; absolutely and pay in to both.

Another S&S ISA; no, you cannot pay in to two S&S ISAs in one year.

Pay in to as many as you like as long as you don’t breach 20k; no, 1 of each type.

This, you can pay into 1 S&S ISA or 1 Cash ISA per financial year, or you can split the 20K between a S&S and a Cash ISA.

[Glosphil]

Aren't 2 ISAs with some organisations (e.g. Nationwide) counted as 1? So payment can be made into both in the same tax year.

Use of Google should reveal a list of such organisations.

Edited by Glosphil on Sunday 7th March 19:05

Edited by Glosphil on Sunday 7th March 19:07

[anonymous-user]

Smurfsarepeopletoo said:

emicen said:

He said he opened an S&S ISA this year. He then said he would like to open “another one” with a different company.

Another cash/innovative/lifetime; absolutely and pay in to both.

Another S&S ISA; no, you cannot pay in to two S&S ISAs in one year.

Pay in to as many as you like as long as you don’t breach 20k; no, 1 of each type.

This, you can pay into 1 S&S ISA or 1 Cash ISA per financial year, or you can split the 20K between a S&S and a Cash ISA.

Well that’s me edumacated

[Benbay001]

You can open the new one before April, you just cant put any money in.

[anonymous-user]

Some of the early answers in this thread are wrong.

You can only pay into one S&S ISA each year.

[anonymous-user]

rockin said:

Some of the early answers in this thread are wrong.

You can only pay into one S&S ISA each year.

Haha. It's why I came here to try and get a definitive answer as Googling threw up many answers.

So to be clear, I can open a new S&S ISA with another provider in the new FY BUT I can only pay in to ONE S&S ISA per year? I cannot put £10k into each of the two S&S ISA I would then hold for example?

tia

[deggles]

MikeStroud said:

Haha. It's why I came here to try and get a definitive answer as Googling threw up many answers.

So to be clear, I can open a new S&S ISA with another provider in the new FY BUT I can only pay in to ONE S&S ISA per year? I cannot put £10k into each of the two S&S ISA I would then hold for example?

tia

Correct.

The rules are pretty clear and say you can only pay into one of each type of ISA in any given tax year.

So no, you can't do as you suggest.

Whether anything bad will actually happen if you try to do so is a different matter. Provided you don't breach the £20k limit across all your ISAs you might get away with it. I think the only check is when the providers submit contribution amounts to HMRC each year. You'd have to make false declarations though:

ISA declaration said:

For a stocks and shares ISA
‘I declare that all subscriptions made, and to be made, belong to me. I am 18 years of age or over or I will be when I make my first subscription. I have not subscribed/made payments, and will not subscribe/make payments more than the overall subscription/payment limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA, and a Lifetime ISA in the same tax year. I have not subscribed, and will not subscribe, to another stocks and shares ISA in the same tax year that I subscribe to this stocks and shares ISA.'

edit to add: I am definitely not advising breaking the rules. fk with HMRC at your peril!

Edited by deggles on Sunday 7th March 20:41

[xeny]

MikeStroud said:

Haha. It's why I came here to try and get a definitive answer as Googling threw up many answers.

So to be clear, I can open a new S&S ISA with another provider in the new FY BUT I can only pay in to ONE S&S ISA per year? I cannot put £10k into each of the two S&S ISA I would then hold for example?

tia

That is correct. Having had the pain of a couple of small S&S ISAs, I'd suggest considering an ISA transfer to get all the funds with one provider, it makes it much easier to not run Into ISA allowance used in the wrong ISA kind of problems at this stage.

Later, if you plan to end up with a significant ISA investment, consider splitting it in ~ half to minimise single point of failure risk, especially if you depend on prompt access to some of the invested funds.

[Simpo Two]

ISA declaration said:

I have not subscribed, and will not subscribe, to another stocks and shares ISA in the same tax year that I subscribe to this stocks and shares ISA.'

Without wishing to muddy the waters further, does 'subscribe' mean 'open an ISA account' or 'pay into an ISA account'?

[anonymous-user]

Thanks Deggles and others - crystal clear now.

[tapandunwrap]

My understanding is that Subscribe in this context refers to the payment of money in.

[Phateuk]

I've always wondered why you can't pay into multiple within the 20k limit. Does anyone know the reason for this? Ease of administration for HMRC has always been my assumption

[Simpo Two]

Phateuk said:

I've always wondered why you can't pay into multiple within the 20k limit. Does anyone know the reason for this? Ease of administration for HMRC has always been my assumption

My thought too. If you have two S&S ISAs open already I can't see what the issue is with putting £10K in each.