The ISA rules changed significantly in April 2024, and many investors are still confused about what’s allowed. Here’s the current position for the 2026/27 tax year.
The old rules (pre-April 2024)
Before April 2024, you could only open one ISA of each type per tax year. So you couldn’t open a Stocks & Shares ISA with both HL and ii in the same year — you had to choose.
The new rules (April 2024 onwards)
Since April 2024, you can open multiple ISAs of the same type in the same tax year. This means you can:
- Open a Stocks & Shares ISA with HL in October 2026
- Open another Stocks & Shares ISA with ii in January 2027
- Contribute to both in the same tax year
What stays the same
The annual ISA allowance remains £20,000 for 2026/27. You can split this across as many ISAs as you like — but the total must not exceed £20,000.
You still can’t hold a Lifetime ISA alongside another Lifetime ISA. Only one LISA per year.
Practical implications
The new rules make it easier to:
- Test a new platform without losing your existing ISA
- Transfer gradually — move money across while keeping your existing account open
- Spread across specialists — use InvestEngine for ETFs and HL for active fund research
Should you hold multiple ISAs?
For most investors, there’s little advantage to holding multiple ISAs unless you’re in the process of switching platforms. The admin of tracking multiple accounts outweighs the benefits.
If you’re comparing platforms, use our calculator to find the cheapest option for your portfolio — then consider a full transfer rather than splitting your money.
Based on HMRC guidance as of April 2026. Tax rules can change — verify current rules at gov.uk.