Second ISA with T212

🤝 Help
1

Hi all,

I have a question. I already have a ISA with T212 (but it is from the previous tax year). Can I open another ISA for this tax year with T212 and have them both show in the same account? If so, how?

Thanks

2

If the ISA you already have is from tax year 2019/20 then you should just be able to add deposits to your ISA account as normal. I haven’t tested it but I presume any overpayments will kick back or throw up a warning.

Was the previous t/y contributions deposited into 212 directly or transferred from another provider?

3

You do not need to open an ISA for each tax year, your account remains open and your deposit limit will reset at the beginning of the tax year.

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4

You’re absolutely right @Alien!

You don’t need to open another ISA for each new tax year. If you haven’t already opened an ISA in this current year, all deposits after 6th of April are counted as current year contributions. Each year on the 6th of April your allowance will reset and all contributions before this date will be viewed as previous year subscriptions. :slight_smile:

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5

Thankyou all for your help.

@L.D just to double check with you. I invested the limit of 20K in the previous tax year just before the reset. I’ve also seen profit on that sum. So that means I can now deposit anything up to 20K in the same ISA account I already hold with T212 without taking any further action? Right?

6

That’s correct! :slight_smile:

Any profit you make on top of your allowance won’t be counted as contributions in the current year.
You’ll be fine as long as you don’t oversubscribe the annual allowance (£20,000),

7

That should be correct, that’s how Cash ISA works with big banks also. You can deposit into the same ISA account year on year up to the current tax year’s allowance. The difference I would make here is with Cash ISA in a bank you should be opening a new one with a different Banking group at around 85k so as to maximise FCSC coverage, Stocks and Shares ISA is less important to do so as FCSC will mainly cover the cash in the account and your shares will usually be transferred to another broker if T212 go into administration.

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8

@L.D Thanks - appreciate it. So in theory I can have 40K in principal (total allowance) over the previous year and this year; and profits from last year and this year would be counted seperately.

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