You can hold multiple Stocks and Shares ISAs from previous tax years simultaneously — there is no limit on how many you can hold. However, you can only pay new contributions into one Stocks and Shares ISA per tax year. Opening a second one in the same tax year and paying into both is not permitted.
You can hold as many Stocks and Shares ISAs as you have opened over the years. You can only subscribe to (pay into) one per tax year. The rule changed in April 2024 — you can now open a new one each year without needing to transfer the old one.
The rules on multiple Stocks and Shares ISAs
Scenario
Allowed?
Hold 3 S&S ISAs from 3 previous tax years
Yes
Pay into one S&S ISA this tax year
Yes
Pay into two different S&S ISAs in the same tax year
No
Open a new S&S ISA this year without closing last year
Yes — rule changed April 2024
Hold a Cash ISA and a S&S ISA simultaneously
Yes — different ISA types
Transfer from one S&S ISA to another
Yes — tax-free transfer
What changed in April 2024?
Before April 2024, you could only subscribe to one ISA of each type per tax year but you also had to open a new ISA each year if you wanted to use a different provider. The April 2024 rules made this more flexible — you can now open multiple ISAs of the same type in a tax year (e.g. two Stocks and Shares ISAs) but still only pay into one of each type per year.
What should you do with old Stocks and Shares ISAs?
Leave them invested — old ISAs retain their tax-free status indefinitely; no action required
Transfer to consolidate — move old ISAs to your current preferred provider via an ISA transfer; takes up to 30 business days
Compare charges — some old providers charge higher platform fees; consolidating to a cheaper provider can save money long-term
Do not withdraw and re-deposit — withdrawing loses the tax-free wrapper on that amount
Can you have a Stocks and Shares ISA and Cash ISA at the same time?
Yes. You can hold one of each ISA type — Cash ISA, Stocks and Shares ISA, Lifetime ISA, and Innovative Finance ISA — and pay into one of each type in the same tax year, provided your total contributions across all ISAs do not exceed £20,000.
Verdict
Hold as many as you have, pay into one per year
Multiple Stocks and Shares ISAs from previous years are fine to hold simultaneously. Focus on reviewing platform fees across old ISAs — consolidating to a low-cost provider like Vanguard or Trading 212 can meaningfully improve long-term returns.
Frequently asked questions
Can I pay into two Stocks and Shares ISAs in the same tax year?
No. You can only subscribe to one Stocks and Shares ISA per tax year. Paying into two in the same tax year violates ISA rules and HMRC may void the excess contributions.
What happens to old ISAs I no longer add to?
They remain open and tax-free indefinitely. You do not need to do anything — but check the platform fee, as older providers sometimes have higher charges than current alternatives.
How do I transfer a Stocks and Shares ISA to a new provider?
Apply for an ISA transfer with your new provider. They contact your current provider and arrange the transfer — either in cash (selling first) or in specie (transferring investments directly). In-specie transfers take longer (up to 30 business days) but avoid selling your holdings.
Does transferring an ISA count as a new subscription?
No. ISA transfers do not count against your annual £20,000 allowance. You can transfer any amount — even amounts built up over many years — without it affecting your current year allowance.
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The content on Kaeltripton.com is for informational and educational purposes only and does not constitute financial, investment, tax, legal or regulatory advice. Kaeltripton.com is not authorised or regulated by the Financial Conduct Authority (FCA) and is not a financial adviser, mortgage broker, insurance intermediary or investment firm. Nothing on this site should be construed as a personal recommendation. Rates, figures and product details are indicative only, subject to change without notice, and should always be verified directly with the relevant provider, HMRC, the FCA register, the Bank of England, Ofgem or other appropriate authority before any financial decision is made. Past performance is not a reliable indicator of future results. If you require regulated financial advice, please consult a qualified adviser authorised by the FCA.
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Chandraketu Tripathi
Finance Editor · Kaeltripton.com
Chandraketu (CK) Tripathi, founder and lead editor of Kael Tripton. 22 years in finance and marketing across 23 markets. Writes on UK personal finance, tax, mortgages, insurance, energy, and investing. Sources: HMRC, FCA, Ofgem, BoE, ONS.
