What to do when hitting ISA limit?

Hi there,

Sorry for the basic question. I have already met my 20k ISA limit for this year with my Freetrade ISA, but I would like to buy some more shares. Do I need to create a new account, or is there a way to buy shares in a non-ISA section on the same account? Or, can one person hold both a Freetrade ISA and a Freetrade General Investment Account? It seems like the app is not set up for the latter possibility.

Many thanks!

Luke

Sure, you can just use the Freetrade GIA.

Thanks. Do I need to create a new account, or is there a way to buy shares in a non-ISA section on the same account?

Ah wait, I just spotted there is an icon in the top left to switch between the ISA and GIA. That’s easy, just what I wanted!

Cheers

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Just to check you have paid in new cash of Β£20k, rather than had investment gains that took you up to the limit?

If so, then yes, the GIA is your only option. Or a pension investment elsewhere until the SIPP arrives.

Old thread, but a related question. Upon hitting the yearly ISA limit, what happens if you transfer additional funds - do they bounce back to the bank acc?

I did this accidentally and it ended up in my GIA

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Ah, great. Thanks :+1:t2: