In accordance with the new ISA rules set by HMRC starting 6th April 2024, you are allowed to have more than one ISA of the same type with multiple providers, up to a maximum investment of £20,000 overall.
Please note: it is your responsibility to ensure you do not oversubscribe into your ISA allowance while you are transferring your ISA to us.
If you have over-subscribed to your ISA allowance in the current tax year, by paying into an ISA with another provider or paying monies into your InvestEngine ISA, you have two options:
- If you have noticed this error within 30 days, please let us know and we can void your recent ISA subscription for you
- If you have noticed this error and it has been over 30 days, then you will have to contact HMRC directly to amend/void the ISA subscription
Please note that many providers will offer a Cool-off period if you are not content with the service during the first 30 days from the oversubscribing into your ISA. Within this time period you can cancel your ISA and get your funds back without your annual ISA allowance being affected. Please check the T&Cs of the other provider to confirm that you are eligible.