How much money can you invest in an ISA?
Before each tax year, the UK Government sets the ISA allowance limit for the following tax year. For 2022/23, the current allowance is £20,000. This means you can invest up to £20,000 in any one type of ISA in this tax year. For example, you may choose to invest £20,000 into an Innovative Finance ISA or choose to split the Investment across each type.
You currently have no legal requirement to declare any interest or capital gains on any investments you have gained through an ISA.
What happens if you accidentally paid into more than one of the same type of ISA in the same financial tax year?
If you accidentally invest into more than one of the same type of ISA, you should contact your ISA provider as soon as possible and also get in touch with the HMRC.
By contacting both, you may be entitled to reclaim the excess payment. If you cannot reclaim it, you may lose the tax relief on the excess payment which means you will have to pay income tax on that limit.