The government sets a limit for the amount you are allowed to contribute to your ISA(s) each tax year, which is £20,000 for the 2021-22 tax year. This allowance applies across all of your ISAs, so if you have a cash ISA and a Stocks and Shares ISA in 2021-22, the total you are allowed to contribute to both is £20,000 (e.g., £10,000 in your Cash ISA, and £10,000 in your Stocks and Shares ISA).

With the start of a new tax year, your ISA contributions “reset” to zero, so you can contribute an amount up to the new ISA allowance over the new tax year once again into existing ISAs (e.g., if your Stocks and Shares ISA contributions during the 2021-22 tax year are £20,000, you can start contributing to the same ISA once the 2022-23 tax year begins - you do not need to open a new ISA).

Note that your ISA allowance (£20,000 for 2021-22) is in addition to your tax-free capital gains allowance (£12,300 for 2021-22), so you would likely need to be investing a significant amount before you are liable to pay capital gains taxes out of pocket.

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