As ISA season is in full swing, here are some changes you should be aware of going into the 2024/25 tax year.
Opening more than one of the same type of ISA:
For years, we’ve been restricted to only contributing to one type of ISA in each tax year. Until now, if you’d opened a Stocks and Shares ISA with one provider but wanted to spread your investments across different providers, your only option was to open a cash, innovative ISA or Lifetime ISA.
With the new changes, you can now have more than one Stocks and Shares ISA in each tax year, which is great news for clients who wish to utilise various investment platforms or methods of investing. Do keep in mind that the ISA allowance will remain the same at £20,000 and investors will need to manage and remain within their allowance across all ISAs.
Partial transfers:
In previous years if you contributed to an ISA in the current tax year and wanted to transfer between providers, you would need to transfer the whole of your ISA pot. The change in transferring means you can split current-year investments between different platforms.
Auto ISA enrolment:
Lastly, if you haven’t contributed to an ISA in the previous tax year, you’ll now be automatically opted in, without the need to sign a declaration.
How is InvestEngine making these changes easier?
We understand changes to the way ISAs work can be confusing, so we’ve popped a handy guide on how investing with InvestEngine makes these changes easier:
- Our Savings Plans allow you to set up a monthly, weekly or even fortnightly top-up to your ISA portfolio
- Our Auto-Invest feature on our DIY portfolios, means your regular payments will be invested in your portfolio in the next trading cycle without you needing to log in.
Want to invest in an InvestEngine ISA, but not sure what portfolio you want? No problem, with our cash portfolios that are automatically added when you open an ISA with us, you can make the most of your ISA allowance before committing to an investment style that best suits you.
Low-cost management fees and zero management fees on DIY portfolios, allow you to benefit from holding multiple S&S ISAs, without it costing you an arm and leg in fees!
Need help setting up your account or have questions about our product offering? Our client services are open from 5:30 am to 9:00 pm on weekdays and 8:30 am to 5:30 pm on weekends, including Bank holidays. Drop us an email to support@investengine.com and we’ll be happy to help.