Hello,
Will the new subscription be associated with the same Microsoft account, and are they the exact same plan, such as Microsoft 365 personal to personal, instead of personal <>family plan.
If it is same account and same plan, then addding (redeeming) another Microsoft 365 subscription on the same Microsoft account, it extends the subscription end date. It does not increase the sharing limits or add extra OneDrive storage beyond what the plan already includes. Microsoft's explanation is here: https://support.microsoft.com/office/what-happens-if-i-add-another-microsoft-365-for-home-subscription-to-my-account-e53bde8b-ff38-414c-b2c3-63173a0668e0