What if I have paid into two ISAs by mistake?
The ISA rules have changed.
As of 6 April 2024, you're now able to have - and contribute - to as many ISAs as you want (except for Lifetime ISAs and Junior ISAs). Provided you don't contribute more than your £20,000 ISA allowance across them all.
ISAs come with some great tax benefits, but there are some rules to follow and limits to stick to. Before the rules change on 6 April 2024, you can currently only contribute to one ISA of each type in the tax year.
For example, it’s fine to pay into both a Stocks and Shares ISA and a Cash ISA in the same tax year. But under the current rules, you can’t pay into two Stocks and Shares ISAs in the same tax year – or two of another type of ISA.
What should I do if I’ve paid into two ISAs of the same type?
Follow these steps to sort it as soon as possible. If you don’t spot it, HMRC should at the end of the tax year. ISA providers are required to send information to HMRC about customers who have opened ISAs or contributed to them that year.
- Don’t try to sort it yourself. Keep the account open and don’t withdraw your money.
- Contact HMRC’s ISA helpline to explain what’s happened – 0300 200 3300.
- HMRC will work out which ISA needs to be void and tell you what to do next. This will likely involve contacting the provider of the void ISA with instructions to fix it.
If you notice you’ve paid into two ISAs of the same type, before the rules changed, don’t ignore it.
The best things in life are free trades.
Open an ii ISA by 30 September 2024 and get £50 worth of free trades.
That means we'll cover the first £50 of your trading fees when you invest in anything, from Amazon to Zoom.
New customers only. Capital at risk. Other charges apply. Terms apply.
Learn more about our Stocks and Shares ISA
Learn how to make the most of your Stocks and Shares ISA with our useful guides.
