Stocks and shares ISA
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dmarks70
Posts: 3 Newbie
Hi. I'm new to this so please be gentle. I have an HSBC stocks and shares ISA which I pay in £25 a month. I've had it for years.
If I want to start a new iSA do I have to transfer this to the new provider or can I have 2? I will be nowhere near the 20k a year limit. Munnypot said that I will need to transfer my is a over to them bit I don't really want to!
Hope that makes sense and thanks for your replies! I am very confused!
If I want to start a new iSA do I have to transfer this to the new provider or can I have 2? I will be nowhere near the 20k a year limit. Munnypot said that I will need to transfer my is a over to them bit I don't really want to!
Hope that makes sense and thanks for your replies! I am very confused!
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Comments
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You can have 2 S&S ISAs started in different years. But why would you want to? Much easier just to keep with the same provider. Munnypot is perhaps talking about opening and contributing to 2 S&S ISAs in the same year.0
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I would be contributing to 2 as I am paying £25 a month and want to continue. Is that not allowed?0
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That is not allowed0
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The rule is you can only contribute to one isa per tax year. If you have made monthly contributions since 6 April to HSBC one then you need to continue with that one. If you are unhappy with it then you can transfer to a new provider.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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Hi. I'm new to this so please be gentle. I have an HSBC stocks and shares ISA which I pay in £25 a month. I've had it for years.
If I want to start a new iSA do I have to transfer this to the new provider or can I have 2? I will be nowhere near the 20k a year limit. Munnypot said that I will need to transfer my is a over to them bit I don't really want to!
Hope that makes sense and thanks for your replies! I am very confused!
No, you don't have to transfer your existing holdings across !
The annual allowance of £20K (2017 / 18) is a Customer level allowance - not a product level allowance.
So, although you can't have more than 1 ISA of the same type with different Platforms in the same tax year, you can have different ISAs with different providers in the same tax year.
ie. I could have a Stocks & Shares ISA with Halifax this year and a Cash ISA with Barclays and be completely compliant of the regulations.
In the context of your scenario, because you've kicked off your 2017 / 18 S&S ISA with HSBC you have a couple of choices :
1) Open a Cash ISA elsewhere & continue the S&S ISA with HSBC
2) Open a new S&S ISA with another provider and re-register your existing holdings across to it (don't Cash Transfer!)
Hope it helps ...0 -
In the context of your scenario, because you've kicked off your 2017 / 18 S&S ISA with HSBC you have a couple of choices :
1) Open a Cash ISA elsewhere & continue the S&S ISA with HSBC
2) Open a new S&S ISA with another provider and re-register your existing holdings across to it (don't Cash Transfer!)
option 2 - they may not let you transfer the holdings across. In this scenario I had to 'sell up' within my Aviva S&S ISA then it was transferred to a new S&S ISA with Halifax as cash and I bought new shares with the cash.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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