ISA rules from 6 April 24 – the lowdown

More flexibility and easing old hassles: a guide to the latest ISA updates

Authored on
11 Apr 2024
Getting started
Read time
  3 minute read

Let's dive straight into some updates on ISAs going into the new tax year. While we didn't see anything too drastic, there are some tweaks you should know about. 🔧

Allowances are frozen 🧊 

The ISA allowance for adult accounts remains steady at £20,000, which includes the £4,000 limit for lifetime ISAs within that £20k. Junior ISA allowance is also staying at £9,000 for the 2024/25 tax year, and as usual, any unused allowances from previous tax years cannot be carried over.  

Like to split your ISA allowance? You’ll have more flexibility 🎉

Starting 6 April, you'll have more wiggle room to split your ISA allowance. You can now pay into multiple ISAs of the same type in the same tax year

So, you could pay into an investment ISA with one provider and later in the year with another, if you liked the look of their investments, for example. Cash ISA savers might want to mix and match between an easy access cash ISA with one provider and locking in a fixed-term account with another. 

So, if you fancy spreading your cash or investments, go for it! Just keep an eye on that overall £20,000 limit per tax year. Oh and unfortunately, this doesn't apply to lifetime ISAs or junior ISAs. ☹ 

No more reapplications! 🚀 

In the past, you might've encountered a bit of a quirk with ISAs: if you hadn't contributed anything to your ISA in the previous tax year, you might have been asked to 'reapply'. This was because ISA rules considered it dormant. 🤔  

This lesser-known rule caught some investors off guard and could lead to delays. But now you can say goodbye to that hassle! Now, you can smoothly resume payments into your existing ISAs without any drama.

Transfers made easier 💸 

If you wanted to transfer cash and investments bought with the current tax year's money, it would all have to be moved at once.  

Some providers now allow partial transfers of current year's money, although it's not a mandatory change, so make sure to check with your provider to see if this perk is on the table for you.

Would that be all? 🤔 

Heard about the 'UK ISA'? It's in the works! This new product could give you an extra £5,000 ISA allowance for investing in UK assets. Exciting, right? Keep your ears peeled for updates as it’s still in the consultation stage. 

Also, keep an eye out for potential changes allowing fractional shares in ISAs. We’re still very much in the early stages here, but this could open doors for investing in big US brands that were previously out of reach due to high share prices. 🚀 


It’s the new tax year! So why not get an early start. Open a new account or top yours up today! 



🔔 Always remember, the value of your investments can go down as well as up. Dodl doesn’t give advice, so if you’re unsure about investing, it’s always best to speak to a financial adviser. ISA rules apply. 


It's important to know

You have to be a UK resident for tax purposes to open an account with Dodl.

The past performance of investments isn't an indicator of their future performance and their value can go down as well as up. This means you could get back less than you originally invested. 

Dodl doesn’t offer any advice so if you’re not sure about the risks involved with investing, you should speak to a suitable financial adviser. 

How you're taxed depends on your circumstances, and tax rules can change in future.

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