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Opening multiple ISAs and subscriptions

Can I open an Innovative Finance ISA with Lending Works and another type of ISA with another ISA Manager in the same tax year?

Absolutely. In the current tax year, you can add new funds to your Lending Works ISA (i.e. into an Innovative Finance ISA) and new funds into a different category of ISA with another ISA manager (for example a Cash ISA with a bank).

However, your total subscriptions for the current tax year across all three ISA categories must not exceed the annual ISA limit.

Can I open multiple IFISAs in the same tax year?

Again, the answer here is yes. You are free to open any number of IFISAs with any number of platforms as you wish.

However, you can only subscribe new funds into one Innovative Finance ISA in the current tax year. This means you cannot add new funds into your Lending Works ISA and also add new funds with another peer-to-peer lending platform in the same tax year, even if you have not reached the annual ISA limit.  

You can, however, transfer all of your current-year subscriptions to another peer-to-peer lending platform in the current tax year. Once this transfer has been effected, you will then be able to add any further funds with the new peer-to-peer lending platform - provided you remain within your ISA annual limit. You will also no longer be able to subscribe any funds to the IFISA you held previously either.

Alternatively, you can add new funds with one peer-to-peer lending platform and transfer funds subscribed in previous tax years to another peer-to-peer lending platform, both in the same tax year.  In both cases you will need to open an ISA with each peer-to-peer lending platform.

Can I access next year’s annual ISA subscription now?

No. You can only add new funds to your ISA in respect of the current tax year. You cannot make future-dated subscriptions to Lending Works or any other ISA provider.

However, you can set up future-dated payments from your bank account e.g. a standing order which will allow regular payments into your Lending Works ISA in the current tax year.