Do you need a new ISA S&S account every year ? Or you can keep investing in the same one? 20,000 every tax year new addition?
I am making an account with simply ethical and it says they will open a new account every year automatically? So will I end up with 10 ISA accounts in 10 years?
JazakAllah
Salam
You have a 20K allowance each year
Each year, you can open a new ISA with a new provider if you want. Alternatively, you can use the same provider, but you’ll have a refreshed 20K allowance when the new tax year starts
With Simply Ethical, if you simply don’t contribute into the ISA next tax year, then I don’t think it will matter if they ‘open a new account’ for you. You will still have a full 20K allowance to contribute to a new provider.
Jzk
Shaheak