I have a Trading212 investment account and I was looking at the process for opening an ISA account but I accidentally just opened one. I’m not sure I want to keep it, I was planning to open one elsewhere. Have I just lost my ISA allowance for this year and now have to use the Trading 212 account? I have not transferred any money into the account.
No, just don’t put any money into it and you’ll be fine. Technically you shouldn’t subscribe to more than 1 but ultimately as long as you only fund 1 you’ll be OK
Thanks Rocky, that sounds fine then I’ll just leave that ISA alone. I guess the 1 per tax year rule won’t stop me from opening another one then? I was worried that if I apply else where it might get rejected
No you’ll be OK to open another elsewhere, I did the same thing a week ago, I opened one here by mistake when I already had one opened elsewhere, I knew I could only have 1 but I hit the wrong button. Anyway, it happens and they know it, system had no problem opening one for me here even though I already had one open and funded elsewhere.
In fact, if you open two and fund them both, although against the rules it’s unlikely anyone would immediately notice, it’ll probably bite you somewhere later down the line when even you forgot you did it.
Okay got it, that makes sense. so it’s the same as declaring income, you might get away with it but it’s illegal so don’t do it. Thanks for the info, that’s helpful!