Stocks & Shares ISA

ISA deadline 2024/2025 – Everything you need to know

Q: What is a flexible ISA?

A flexible ISA is exactly how it sounds: flexible. It allows you to withdraw money from your ISA and replace it without using your allowance. For example, if you add £10,000 and withdraw £4,000, you can add that money back and not worry about your limit – as long as you do so in the same tax year.

Q: Can I withdraw money from an ISA?

With most ISAs, you can withdraw funds at any time; though you may be charged for withdrawing from a fixed ISA early. But there are cases – like with the ii Stocks and Shares ISA – where you won’t have any fees. Lifetime ISAs are also an exception as you can only use it to buy your first home or access when you turn 60.

Q: Can I open more than one ISA in a year?

You can open multiple ISAs in a year and even have multiple of the same type of ISA . But the ISA rules have changed as of 6 April 2024. You can now 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. If you’re transferring an ISA, you’ll be able to contribute to both the old and the new one in the same tax year. So if you open a Stocks and Shares ISA today and pay into it, you could open a second, and continue making payments to both at the same time.

Q: Does transferring an ISA count as opening a new one?

If you don't already have another ISA, to transfer you will need to open a new one. But it only starts counting towards your annual allowance once you contribute.

The ISA allowance has just reset. But if you don’t use all your allowance by 5 April 2025, it’s gone. Here’s what you need to know to make the most of your money.

Important information - investment value can go up or down and you could get back less than you invest. If you're in any doubt about the suitability of a Stocks & Shares ISA, you should seek independent financial advice. The tax treatment of this product depends on your individual circumstances and may change in future. If you are uncertain about the tax treatment of the product you should contact HMRC or seek independent tax advice.

Each year, you can top up your ISAs and set aside even more tax-free money for whatever you have planned. While you can do this at any time, there’s a limit to how much you can add annually.

But making sure you’re taking advantage of every possible opportunity doesn’t have to be daunting. Let’s run through the when, why and what of your ISA allowance and put your best financial foot forward.

When is the ISA deadline?

For 2024-25, the ISA deadline is midnight on 5 April 2025. You have an annual allowance of £20,000 – the more you top up, the more you stand to financially benefit.

This can be split across all of your ISA accounts, whether it’s a Cash ISA, Stocks and Shares ISA or a Lifetime ISA (though you can only contribute £4,000 a year to this one).

Why you should use all your allowance

If you don’t use your £20,000 allowance, you miss out on tax-free savings. You cannot carry it forward to the next financial year. Since ISAs are tax-efficient, they are a great way to save your money.

Whether you’re saving up for a big life moment or are simply putting it aside for the future, the more you add to your ISA, the better.

What this means for you

It means now is a perfect time to set aside some money ahead of the deadline. But something to keep in mind is where your ISA is.

Various providers will have their own rates that you have to consider. At ii, you just have a flat monthly fee, meaning you always pay a consistent price. That predictability makes planning your finances so much simpler.

If that means transferring providers, just know that it won’t affect your allowance. The money you move between accounts is separate from this limit and can exceed it.

Still have questions?

What is a flexible ISA?

Can I withdraw money from an ISA?

Can I open more than one ISA in a year?

Does transferring an ISA count as opening a new one?

How do you want to invest?

Are you more of a hands-on investor? Or simply prefer to leave it to the experts? Either way, we have the ISA for you. And all for our same low, flat monthly subscription.

ii ISA

Do it myself

A Self-managed ISA puts the control firmly in your hands.

Build your investment portfolio from our full range of UK and international shares, funds and bonds.

Then manage your investments yourself, with our expert insights and ideas always there if you need them.

Open a Self-managed ISA

ii Managed ISA

Do it for me

Sit back, relax and leave it to the experts with a Managed ISA.

We'll match you to a tailored investment portfolio, that reflects the risk level you're comfortable with.

Then our experts will look after your investments for you - so you can rest easy, knowing your money is managed.

Open a Managed ISA

Top up your ISA today

Secure your financial future from as little as £4.99 a month. Open an ii Stocks and Shares ISA and make the most of your money.

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Opening an account only takes 10 minutes. Just have your address, debit card details and National Insurance number to hand.

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