Using T212 ISA if you already have a LISA

I have a LISA with Nutmeg that is stocks and shares

I notice in T212’s terms and conditions it says the following

2.2. You cannot subscribe to a Stocks and Shares ISA if you have already subscribed to any other Stocks and Shares ISA in the same tax year.

Does this mean i cant use this section of the app? Or is a LISA it’s own seperate thing which therefore means i can use ISA as normal?

Hi @Mica98 a LISA is separate to a S&S ISA so you can have both. However you are still limited to the overall £20k subscription limit across all ISA accounts.

1 Like

You can’t fund more than one of the same within the same tax year.

So you could have all four setup if you really wanted. You just can’t setup and fund say two LISAs this year.

Cash ISA

The key rule is £20k max spread over all per tax year. (Max of £4k into the LISA per tax year)

So you could open and deposit:

Cash ISA £2k
S&S ISA £14k
LISA £4k

Then in April the counter is reset to another £20k max etc


Great Answer Phil, covered all the bases and some.