Quote from VATcal on 06/04/2024, 15:15

The new tax year for ISAs started on April 6th, 2024, and with it comes a couple of changes to how you can manage your ISAs. Here's a quick guide to what's new:

• Multiple ISA Options: You can now open and contribute to different ISAs of the same type within the same tax year. Previously, you were limited to one of each type (e.g., one Cash ISA, one Stocks and Shares ISA). This allows you to shop around for better rates or have accounts with different features from various providers.
• Partial Transfers: Previously, if you wanted to transfer funds from one ISA provider to another within the same tax year, you had to transfer the entire year's contribution. Now, you can make partial transfers, giving you more flexibility in managing your ISAs.

Frozen Allowances:

• The overall ISA allowance remains at £20,000 for the 2024-25 tax year. This means you can still contribute up to £20,000 across different ISA types like Cash ISAs, Stocks and Shares ISAs, and Lifetime ISAs (with a maximum of £4,000 contribution towards Lifetime ISAs).
• The Junior ISA allowance also remains unchanged at £9,000.