You can only pay into one Stocks & Shares ISA at one time, with one provider, for the current tax year.
However, you can pay into different types of ISAs (for example a Cash ISA and a Stocks & Shares ISA) in the same tax year, up to a maximum investment of £20,000 overall.
You can stop payments into your existing stocks and shares ISA account, initiate an ISA transfer to InvestEngine and start paying into the ISA with us. Please note: it is your responsibility to ensure you do not oversubscribe into your ISA allowance while you are transferring your ISA to us.
This affects this tax year's payments only. You can maintain multiple ISAs from previous financial years with multiple providers, but you can only pay into one account in the current financial year.
If you have over-subscribed to your ISA allowance in the current tax year, by paying into an ISA with another provider and 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 transfer settling into your new 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.