Isa allowance question

[Toastandmarmiteandtea]

does the 20000 allowance per tax year mean that you can save an additional 20000 into an isa each year. So in the second year, having 40000 in an isa? I’ve tried looking online but very confused

Yes. £20,000 every tax year.

Yes, you can save 20k in this financial year and the same next ad infinitum. Some people are apparently ISA millionaires.

Yes. You can either open a new ISA each year or add to your existing one. It just depends on the terms and conditions of the account you hold. A 3 year fixed rate cash ISA is unlikely to let you deposit further outside of the initial funding window. An easy access ISA or notice ISA you should be OK to top up with your allowance each year.

Yes. In theory someone who had not put anything into ISA during 2023/24 tax year could put in £20k on 5th April 2024, and then £20k on 6th April 2024. They then could not add more until 6th April 2025.