- You can open one of each type of ISA per tax year – this includes cash, stocks & shares and IF ISAs.
- You can hold multiple historic ISAs, but you can only subscribe your annual allowance to one of each type per tax year.
Example: If you have a cash ISA active from 2014/15 and open a new cash ISA in this tax year, then you can only contribute your annual allowance to the new ISA.
- Any historical ISAs you hold can continue as they are, or you may consider transferring them to other providers. You can transfer from one type of ISA to another.
Example: If you have £8,000 held in a cash ISA from 2015/16, you can transfer £6k to another cash ISA and £2k to a stocks & shares ISA. Even if these ISAs are new to you, they are not classed as ‘new’ as they have been funded by historical subscriptions, so you can still open a new cash or stock & shares ISA to allocate this year’s annual allowance.