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  • FIRST POST
    • carcasal
    • By carcasal 17th Mar 17, 10:09 AM
    • 7Posts
    • 0Thanks
    carcasal
    Can I open another S&S ISA after April?
    • #1
    • 17th Mar 17, 10:09 AM
    Can I open another S&S ISA after April? 17th Mar 17 at 10:09 AM
    Hi guys,

    I'm just new to this forum and I have a question. I have read so much about ISAS and I still don't really get it so I am questioning my intelligence at this point.

    I have a Cash ISA from two years ago with some thousands on it.
    I have opened a S&S ISA this year (in February) with an app called Moneybox (micro-investing for beginners)

    Can I open another S&S ISA after April with another platform to invest more seriously, while keeping the current one with Moneybox or do I need to transfer that one if I want to use another platform?

    Thank you in advance! and excited to join the community.
Page 1
    • le loup
    • By le loup 17th Mar 17, 10:18 AM
    • 3,664 Posts
    • 3,594 Thanks
    le loup
    • #2
    • 17th Mar 17, 10:18 AM
    • #2
    • 17th Mar 17, 10:18 AM
    Yes you can and the annual limit goes up to £20,000.
    • carcasal
    • By carcasal 17th Mar 17, 10:37 AM
    • 7 Posts
    • 0 Thanks
    carcasal
    • #3
    • 17th Mar 17, 10:37 AM
    • #3
    • 17th Mar 17, 10:37 AM
    Thanks! Quick and straightforward!
    • bowlhead99
    • By bowlhead99 17th Mar 17, 11:31 AM
    • 7,000 Posts
    • 12,612 Thanks
    bowlhead99
    • #4
    • 17th Mar 17, 11:31 AM
    • #4
    • 17th Mar 17, 11:31 AM
    To clarify though, you can only be contributing to one ISA of each major type per year (S&S ISA, Cash ISA, IF ISA, Lifetime ISA).

    So, for example, if you want to open another S&S ISA next tax year and put new money into it, you can, out of that year's tax allowance, but you can't keep putting new money into Moneybox S&S ISA and micro investing those little amounts of new 2017/18 money at the same time as putting 2017/18 money into a separate "proper" S&S ISA.

    You can keep the old moneybox one where it is and stop contributing to it, while just contributing to the new one; or you can transfer the old moneybox one into the new one and contribute new money into your combined pot at the new place.

    But all "current year S&S ISA contributions" for a given tax year must be together in one place. Any "previous year S&S ISA contributions" can be scattered around in various different pots with different providers.
    • Plus
    • By Plus 17th Mar 17, 2:57 PM
    • 252 Posts
    • 183 Thanks
    Plus
    • #5
    • 17th Mar 17, 2:57 PM
    • #5
    • 17th Mar 17, 2:57 PM
    Assuming you haven't already paid into one, one trick is you can put money in a cash ISA now, and then transfer it to a S&S ISA come 6 April. That way you can use up this year's allowance without affecting what you might choose to do next year. While it's less of a problem regarding 'use it or lose it' allowances since they're larger these days, it is handy to not constrain your strategy for next year which only allows paying into one S&S ISA provider.
    • carcasal
    • By carcasal 17th Mar 17, 3:59 PM
    • 7 Posts
    • 0 Thanks
    carcasal
    • #6
    • 17th Mar 17, 3:59 PM
    • #6
    • 17th Mar 17, 3:59 PM
    Thank you. so it's a bit more complicated.

    So I cannot be contributing to two different S&S ISAS in one single tax year even if the combined amount in both of them does not exceed the total yearly allowance? (and one of them was opened the year before)?

    This is a shame, since I do like Moneybox rounding-up my purchases feature, but at the same time I want to try a new investment platform with more choice and flexibility. Seems like I cannot do this tax-free...
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