Starting from April 6th, 2024, there have been amendments made to the ISA rules in the United Kingdom. These changes now allow all UK tax residents to open multiple ISAs of each type with different ISA providers within the same tax year.
This is great news for individuals who want to diversify their investments and take advantage of different offerings from various ISA providers. One significant benefit of this amendment is that you no longer have to wait for your ISA transfer to complete from your old provider before you can start contributing to your new portfolio. Previously, you had to wait for the transfer process to finish before you could make any further contributions.
However, with the new rules in place, you can continue to make contributions to your new ISA while the transfer is still in progress.
It's important to note that any ISAs you have from previous years will not affect your current annual allowance. These previous ISAs will be added to the portfolio of your choice when completing the ISA Transfer Form. This allows you to consolidate your investments and have a clearer picture of your overall ISA portfolio.