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snowflux

Sorry If I'm Being Stupid...

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Having moved back to the UK last year, I'm still a bit hazy about some aspects of ISAs.

I opened a shares ISA account with Hoodless Brennan last year and used up the GBP 3,600 allowance (I also have a cash ISA). Now I'd liike to invest another GBP 3,600 in this account for this tax year, but I'm not sure how this works.

My question is: Can you normally add another GBP 3,600 (or whatever the allowance happens to be) to the same shares ISA each tax year, or do you have to open a new account every year, even if you're using the same provider?

Sorry if this is a daft question! I'd appreciate any answers though - thanks in advance.

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My question is: Can you normally add another GBP 3,600 (or whatever the allowance happens to be) to the same shares ISA each tax year, or do you have to open a new account every year, even if you're using the same provider?

You can do either - unless your provider has rules forbidding it. But it makes no sense to have multiple small pots: you end up with cash sums too small to do anything with.

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You can do either - unless your provider has rules forbidding it. But it makes no sense to have multiple small pots: you end up with cash sums too small to do anything with.

Thanks niq, I appreciate your reply. It seemed logical to me too to have just the one pot, but I couldn't see how to do it with their web interface and wondered if there was some reason why you couldn't. Guess I'll have to give them a call and actually speak to someone. :)

Edited by snowflux

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