Monday, 19 June 2017

Q: What if I open two ISAs in the same tax year?

A: Unfortunately HM Revenue & Customs makes no allowance for human error – a second ISA opened during the same tax year as an earlier application will become fully taxable. You cannot nominate the second ISA as your preferred account for the year under any circumstances. This is particularly relevant for regular savers, as the first payment after 6 April automatically opens a new ISA for the new tax year. If you wish to stop and/or move your investment before the new tax year starts, ensure you provide instructions well in advance or you might find yourself stuck for another year. 

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