Can I have more than one ISA?

You can have more than one ISA, but you can only open one of each type of ISA in each tax year. So you can open an Innovative Finance ISA as well as a Cash and a Stocks & Shares ISA in each tax year.

Can I have more than one IF ISA?

You can only open one of each type of ISA in the current tax year. From the ISA rules perspective an ISA is 'open' in the current tax year if you have subscribed to it and used some of your annual ISA allowance with that ISA. Therefore you can open a new IF ISA in each tax year and keep your existing one, provided you only use your annual ISA allowance with one of the IF ISAs in the current tax year.

If you have completed an ISA transfer using money from a previous ISA year and have not subscribed to the ISA in the current tax year, the ISA hasn't been opened so you can also have more than one IF ISA in this circumstance.

So, if you open an IF ISA in this current tax year and put in some of your £20,000 allowance, you cannot subscribe new money to another IF ISA that year unless you transfer and close your current IF ISA. If you just want to move across money you have in an ISA from previous tax years, either in a Cash or Stocks & Shares ISA, and don’t want to use your current year’s allowance, you can open different IF ISAs with different providers to receive the transfers.

What is the ISA allowance? 

You can subscribe £20,000 into your ISA in the current tax year. You can put your whole allowance into a particular type of ISA or you can split it up between the three different types of ISA; Cash, Stocks & Shares and Innovative Finance. You can subscribe money to your Abundance ISA by debit card or bank transfer.

Can I transfer my existing ISAs?

If you have already built up tax free savings in Cash or Stocks & Shares ISAs in previous tax years you can transfer some or all of these funds to an IF ISA, no matter how big the pot. This allows you to diversify your ISA portfolio while keeping the tax free benefit. See our Help Centre article on Transferring ISAs for more information.

Please remember, holding your investments in an IFISA does not reduce the risk of the investment or protect you from losses, so you can still lose all your money. It only means that any potential gains from your investment will be tax free. The tax treatment of your investment will depend on your individual circumstances and may change in the future.

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