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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