A new isa account in the next tax year

🤝 Help
1

Hi
I was wondering if I can open a new isa account in the new tax year and essentially have 2 isa accounts of different years under my name.

Cheers

2

You only ever have a single ISA with Trading 212. Each year you can add to it £20k of new funds. There is no concept of ISAs being divided up by the years in which they started.

1 Like
3

Hi
Thank you for the reply
Just so I understand, after 6th April, my current ISA utilisation limit will go up by £20k from £20k to £40k

4

Not quite. If you haven’t already added 20k this year you will lose the opportunity to add the remainder of that allowance. You can only add 20k per tax year.

4 Likes
5

Oh so the limit resets back to £20k every year. I cannot add the allowance I have left onto next year’s allowance. I understand now.

Thank you

1 Like
6

This is why there are so many adverts in the press about ISAs at this time of year. Trying to attract people who have left it late and are about to lose out on this year’s opportunity to increase tax sheltered investments.

1 Like
7

Just to add, the ISA limit is set by the Chancellor each year, it’s £20k now and next tax year too but it has been £15,200 in the past and even lower before that so there’s no guarantee it will remain at £20k going forward but for now it is