ISA 2017: If you already have an ISA do you get 2 allowances each year? Can I open 2 ISAs? ISA advice from Martin Lewis – WBNews

The ISA deadline is April 5 An Individual Savings Account (ISA) is a tax-free shelter which protects your money from dividend, income and capital gains tax. Savers can invest up to £15,240 in an ISA in the current 2016/17 tax year, which ends on April 5. You can use your whole allowance towards a cash ISA, stocks and shares ISA, or a combination of both. From April 6 2017, you will also be able to invest some or all of your allowance in an Innovative Finance ISA – essentially a peer-to-peer loan. But how does it work if you already have an ISA? Here are a few tips to help you make the most of your savings. If you already have an ISA do you get two allowances each year? Savers are allowed to keep open as many existing ISAs as they like, but can only open and pay into one cash ISA and one stocks and shares ISA per tax year. Whichever you decide to deposit into, you will only get one allowance – £15,240 for the current tax year. You can invest the full amount in a cash ISA, stocks and shares ISA, or a combination of the two. WHAT IS A LIFETIME ISA? ISA advice from Martin Lewis Thu, February 9, 2017 ISA advice from Money Saving Expert Martin Lewis. Play slideshow 1 of 11 ISA advice from Martin Lewis ISAs are a tax-free shelter for savingsDanny Cox, chartered financial planner at Hargreaves Lansdown, said: “You can…more detail