Rules for more than 1 ISA?

I have a Vanguard s & p 500 ISA and i’ve also got a Trading 212 ISA, both opened very recently, I won’t hit 20k before April.

I’d like to have both but i’ve recently learned i’m not allowed?

I’m not 100% sure, i’m aware that one option is putting my s & p 500 ISA onto trading212 instead of Vanguard but is there anyway I can have both?

I read that you can have 2 if they’re opened in different years? But i’m not 100% sure


The total deposits of both should not exceed the allowance. It makes things slightly more complicated, but you will be fine.

There are four different types of ISA (cash, LISA, shares, innovative finance) and I believe you can only pay money into one ISA of each type per year. Your Vanguard and T212 are probably both share ISA so you can only pay money into one of them in any tax year


@WakeMeUp is correct - you can only deposit into one of each type of ISA per year, up to 20k.

If you’re not going to hit 20k, then you could maybe use your GIA allowance and the. Switch over next April?

Also 212 would currently work out 0.15% cheaper than Vanguard, you could transfer but it would need to be cash.

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Would they even know I had 2 if my investments in both combined are less than 10k?

This is what HRMC say

I have been paying into two Stocks and Shares ISAs the past few months - Community Forum - GOV.UK (

I’ve just been reading this

What should I do if I have subscribed to two ISAs in the current year? – Trading 212

The bit at the end confuses me- it says

‘It is permissible to have more than one ISA of the same type, such as a Stocks & Shares ISA, only if one of the ISAs was opened in a Previous Tax year.’

So by that logic I could open a new isa every year?

Correct, but you can only add to one per year.

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So if I was to put 10k into Telsa for example and leave it for 10 years, if it was isa and i cashed out i’d pay zero tax, but if it was cfd i’d have to pay tax?

Yes, though I can’t really speak to the tax treatment of CFDs. I’d imagine gains on CFDs above the allowance would be subject to capital gains tax.

As I understand it (not especialy well), you wouldn’t want to hold CFDs for such a long period anyway due to the fees for doing so.

I should have said ‘invest’ not ‘cfd’

Invest and cfd you have to pay capital gains tax (above the annual allowance). You can have multiple ISA (of the same type - eg shares ISA) provided that they are opened in different years and you pay money into only one of them in any tax year (so even if you open one with a £1 you cannot put money into another isa in that tax year).

If you hold shares (or cash) in an isa for 10 years (or any period) and then cash it in, it is exempt of UK capital gains tax

Okay thanks buddy, i’m gonna learn more about capital gains tax, thanks for the replies everyone, the second isa I have only has a few £100 in, i’m guessing it won’t be much of an issue

Hi @Liam obviously we all have to make our own decisions… I quickly read the page the gov website page that I gave the link for. My impression is that if you’ve accidentally paid into two share isa in one tax year you have to tell one of the isa providers and they will convert it to a standard (non isa) account. If you’ve only just paid in a £few hundred then I can’t imagine any profits will exceed the annual capital gains tax threshold so dealing with the issue now may mean that you lose an isa (opened by mistake) but the investment can stay as a non isa investment. For me it would seem better to do this than face problems with HRMC.

I would imagine that isa providers are under statutory duty to report isas and they take personal details when accounts are open including NI number and with T212 you have to electronically sign a declaration if you’re going to pay into the isa during the year. Thus if HRMC get two notifications that a NI number has paid into two different isa in the same tax year it would potentially be easy to spot.


I’ll do it all legitimately, I’m convinced Tesla is a x10 at some point, obviously vanguard won’t let me have individual stocks which is something I didn’t think of at the time

haha Tesla already has the world’s highest market cap for a car company and is currently roughly $800billion so you think it will be a $8 trillion company!!! Toyota has a market cap of $270billion and Ford has a market cap of less than $50billion.

If/when we have fully autonomous vehicles the car market could potentially crash because there is no need for private ownership you can simply have a car on demand and it will drive itself to you. Car utilisation would increase dramatically and the total number of cars would similarly decrease significantly. I’d love to hear an analysis that says that Tesla will be a $8 trillion company


Well I kind of wanted a large stack of tesla and Palantir, then go big on my etf, that’s my mindset at the moment, im a touch adhd, so il just keep going with it

Hi Liam,

I am in a similar situation, but slightly different circumstances. Maybe what I am doing will help you in some way. I opened a Stocks and Shares ISA with Vanguard in May of this year, and an “Invest” account on Trading 212 a couple months later. I quickly realised I wanted more control, and noticed that Trading 212 have an ISA as well. Because I have not paid into, deposited, or initiated the ISA section of Trading 212 as of yet, I have been able to initiate a SAME TAX YEAR ISA Transfer, which so far has taken about a month to exectute (should be 30 days they keep telling me).

I am anticipating this week it will have transferred across…

I am unsure how your situation will work as far as transferring goes, but I guess I got lucky by not actually depositing into BOTH of them. Why not have a read through this article on Trading 212 and it might help you figure out what to do. The T212 staff are very responisve to emails and questions regarding this, so might be wortth giving it a shot. Vanguard have been so slow and really crappy customer service.

PS. You need to fill out an ISA Transfer Request Form on T212. I also contacted Vanguard using the Secure Message portal on their site, to get them to expedite the process, as they take their bloody time replying etc. T212 on other hand are amazing with Customer Service. Have a read through this bro, it might help:


How to fill out the form:

Hope you figure this out, it takes a while so best to get cracking on it



This could be changing…


I noticed this earlier, maybe they’ve been reading this thread :smiley:

It looks like good news, surely it would benefit a lot of people