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  • FIRST POST
    • dmarks70
    • By dmarks70 16th May 17, 8:54 PM
    • 3Posts
    • 2Thanks
    dmarks70
    Stocks and shares ISA
    • #1
    • 16th May 17, 8:54 PM
    Stocks and shares ISA 16th May 17 at 8:54 PM
    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!
Page 1
    • Linton
    • By Linton 16th May 17, 9:07 PM
    • 7,913 Posts
    • 7,713 Thanks
    Linton
    • #2
    • 16th May 17, 9:07 PM
    • #2
    • 16th May 17, 9:07 PM
    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.
    • dmarks70
    • By dmarks70 16th May 17, 10:17 PM
    • 3 Posts
    • 2 Thanks
    dmarks70
    • #3
    • 16th May 17, 10:17 PM
    • #3
    • 16th May 17, 10:17 PM
    I would be contributing to 2 as I am paying £25 a month and want to continue. Is that not allowed?
    • ColdIron
    • By ColdIron 16th May 17, 10:25 PM
    • 3,162 Posts
    • 3,598 Thanks
    ColdIron
    • #4
    • 16th May 17, 10:25 PM
    • #4
    • 16th May 17, 10:25 PM
    That is not allowed
    • enthusiasticsaver
    • By enthusiasticsaver 16th May 17, 11:03 PM
    • 3,558 Posts
    • 6,222 Thanks
    enthusiasticsaver
    • #5
    • 16th May 17, 11:03 PM
    • #5
    • 16th May 17, 11:03 PM
    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.
    Debt and mortgage free and saving for early retirement
    • Redski69
    • By Redski69 17th May 17, 9:40 AM
    • 22 Posts
    • 12 Thanks
    Redski69
    • #6
    • 17th May 17, 9:40 AM
    • #6
    • 17th May 17, 9:40 AM
    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!
    Originally posted by dmarks70
    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 ...
    Last edited by Redski69; 17-05-2017 at 9:49 AM.
    • MallyGirl
    • By MallyGirl 17th May 17, 11:43 AM
    • 2,037 Posts
    • 5,853 Thanks
    MallyGirl
    • #7
    • 17th May 17, 11:43 AM
    • #7
    • 17th May 17, 11:43 AM
    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!)
    Originally posted by Redski69
    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.
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