Cancelling ISA account

Can I cancel my ISA account for this year? I opened an investing account and an ISA account at the weekend and put £1 into the ISA, but I only want the investing account now. I assume there’s a cooling off period. Can you tell me how to cancel the ISA subscription please? Thanks

From my understanding, since you have deposited money into it that has become your stock and shares ISA for this tax year. You still can open all your other kinds of ISA but if you want to open a new S&S ISA you’ll have to wait until next tax year

In theory, yes. But you should be able to change your mind about any financial product, usually within 30 days or 14 days minimum. I opened an ISA on Sunday and informed Trading 212 that I changed my mind and wanted to cancel on Monday. So can someone from Trading 212 tell me how I should go about cancelling it please. Thanks

HMRC are sympathetic to this sort of mistake. You will not be locked into an ISA where you have just put £1. If I were you I would just withdraw the £1, open whatever other stocks and shares ISA that you prefer or not, and if HMRC ever enquire (which is very unlikely) then you just explain the mistake. If you google you will find an HMRC phone number to talk about this, or you can send a tweet to @HMRCcustomers to enquire. If you are not wanting to open a stocks and shares ISA account this year with any other provider then there is really no issue.

For those who have both ISA and Invest accounts it can be an interesting puzzle as to which is to use for short/medium term trading, and which use for buy-and-forget long term investing. I like the thought that in an invest account there is some risk reduction because HMRC absorbs some of the losses (as well as taking some of the gains, of course).

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Could someone from Trading 212 answer this please. I sent a message using the contact form but I’m not sure if that was working.

Here is the cancellation procedure. Just keep in mind that currently, we can deactivate all of the accounts associated with your email, i.e. we cannot close only the ISA. Once settled, you’ll be able to sign up all over.

As of the yearly ISA allowance, as @Richard.W suggested, you’ll have to reach HRMC for further details.