Manually Change ISA Contribution Limit

💡 Feature suggestions & ideas
1

Hello, as we all know the annual ISA contribution limit is currently £20k.

I have a LISA with another broker where I deposit £4k and I also have a scheme through work where they deposit £1k into a S&S ISA with a different broker.

Therefore the maximum that I am able to contribute to my Trading 212 Cash ISA & S&S ISA is £15k total.

Would it be possible to introduce a feature whereby I can override the default £20k contribution limit on my Trading 212 account and manually set the contribution limit to £15k?

This would prevent me accidentally adding too much money, for example if I forget to cancel my regular investing monthly direct debit, or if I make use of the flexible Cash ISA but make an arithmetic error when adding funds back in.

Thanks,
Zane

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2

@Zane I think we need to push the digitisation of HMRC further.

What if all ISA providers linked to HMRC to request permission to allow a deposit, and announce withdrawals?

Instead of waiting 6 weeks to say transfer a cash ISA. You could withdraw / deposit elsewhere almost instantly?

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3

What you say sounds good in principle but likely would take many years to implement.

I’m hoping that what I’ve proposed could be implemented quickly and easily while we wait for your proposal to be enacted.

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4

This is a very good point. It’s definitely a quicker fix to have a manual limit and it is something T212 may be able to implement, although Dougal’s is a better long term solution it would require HMRC who are likely to take years.

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5

Even longer if we don’t petition them quicker to have a far more flexible ISA system!

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