Multiple ISAs 24/25 tax year

[Cats_pyjamas]

Now I'm not sure if I'm misreading. But can anyone confirm for 24/25 I can have, and contribute to multiple ISA's (S&S). So long as the maximum contribution doesn't exceed 20k.

If so I need to get my arse in gear to bed and breakfast some shares over the split. As I currently have singular stocks in H&L out of a wrapper, using my 6k of CGT allowance (so long as sold in the 23/24 fy).

The idea being I could have S&S ISA's with both Vanguard and HL, one being the trusty vanilla one, and one for risky stock buys. (So long as I keep under the 20k threshold).

Can anyone confirm what I've read?!

Edited by Cats_pyjamas on Wednesday 3rd April 15:17

[AllyM]

That’s certainly how I have interpreted the new rules.

[Cats_pyjamas]

This is great news for reducing my tax exposure on my Rolls Royce shares!!! Let's not talk about my other buys for which I'm negative, however that does make it easier to transfer over whenever I like...so long as I keep within the ISA limits.

[tighnamara]

Taken from HL

"You can split the ISA allowance across different types of ISAs, but you can only add money to one ISA of each type in a tax year"

[YouWhat]

tighnamara said:

Taken from HL

"You can split the ISA allowance across different types of ISAs, but you can only add money to one ISA of each type in a tax year"

That’s for 23/24 all changed for 24/25

[OldSkoolRS]

I understand it's changing for 24/25 based on the below quote:

Moneysavingexpert said:

Some ISA rules are changing. From 6 April, the UK Government will be making some changes to the ISA rules. These include:

The age you can open a cash ISA will increase from 16 to 18.
You will be allowed to subscribe to multiple ISAs of the same type within the same tax year.
Partial transfers of current year ISA subscriptions will be allowed.
Full details can be found in our Autumn Statement ISA MSE News story.

Link to the Autumn Statement ISA MSE: https://www.moneysavingexpert.com/news/2023/11/aut...

I'm thinking about opening a cash ISA for some of my £20k allowance and starting a S&S ISA with the rest, which will be possible for 24/25 tax year.

Edited by OldSkoolRS on Wednesday 3rd April 17:39

[YouWhat]

OldSkoolRS said:

Link to the Autumn Statement ISA MSE: https://www.moneysavingexpert.com/news/2023/11/aut...

I'm thinking about opening a cash ISA for some of my £20k allowance and starting a S&S ISA with the rest, which will be possible for 24/25 tax year.

Edited by OldSkoolRS on Wednesday 3rd April 17:39

You can do that already, that’s not new

[OldSkoolRS]

YouWhat said:

You can do that already, that’s not new

Sorry yes, I conflated the existing with the changes. The change is that you could have more than one S&S ISA or Cash ISA in the same tax year (upto the £20k limit of course).

[tighnamara]

YouWhat said:

tighnamara said:

Taken from HL

"You can split the ISA allowance across different types of ISAs, but you can only add money to one ISA of each type in a tax year"

That’s for 23/24 all changed for 24/25

Thanks, didn’t know of that change.

[Mogul]

How on Earth do they monitor what gets paid in?

I guess the short answer is that they don’t.

It’s been a while but when you opened a new ISA you probably had to make a declaration that this was your only S&S ISA opened this tax year etc. And once open, a platform like ii would remind you that you have £x left of your £20k allowance.

Fast forward to years 2 and platform A would be blind to the fact that you had another ISA on platform B so is there a declaration each time one adds to any ISA these days that you are self-certifying that you are playing within the rules?

[steve_n]

Every ISA provider reports the subscriptions they get so overpayments do get picked up. Usually results in you having to take the extra back out. Messy and best avoided.