Quick query regarding Stocks & Shares ISAs

angelavdavis

Hi,

Hopefully this isn't a completely daft question, but although I have been a cash ISA investor, I have never previously had the cash to invest in Stocks and Shares ISAs and with my newfound financial liquidity and it being what seems a good time to be investing, I thought I would ask.

I have an existing cash ISA account which I am regularly paying into - to the maximum of £3600 for the year.

Am I able to open a stocks and shares ISA separately for this year too into which I invest my remaining allowance?

I wondered whether this was possible or if the cash and stocks/shares had to be held in the same ISA for the year?

Lokolo

No they are seperate. You can open up a S&S ISA with a different provider.

However, investing is longterm, 5-10 years. So if you want to continue do say.

Do you know about different types of investments?

angelavdavis

Hi, thanks for the quick reply.

No, I need to do my homework and am seeing my financial advisor in a couple of weeks to brush up on things again and will do my own homework to ensure I check out any other investments that might appeal - bottomline, I have been making the most of tax-free stuff: cash ISAs, NS&I tax-free bonds, plus other savings accounts, stoozing and finally have paid off the mortgage. I put my pension and other investments on hold during the three years I was overpaying the mortgage.

Now I have more in the pocket each month, I am due to restart my pension this month - paying in far higher payments than previously (I now have my own company so this appeals on a tax basis also).

I have a fairly ancient PEP that has been gradually growing over the years I have held it and a few M&S shares I purchased at their lowest 7ish years ago when I had some cash spare, but otherwise I haven't done much recently.

I would prefer to look after ISAs myself - rather than go via the advisor as I like to have some flexibility and build on my own knowledge, so this is the first step!

dunstonh

Am I able to open a stocks and shares ISA separately for this year too into which I invest my remaining allowance?

yes.

You have a £7200 ISA allowance each and every tax year. Currently you have been saving to the maximum amount you can allocate to savings but that still leaves you £3600 for investing.

Lokolo

By all means you can go your own router but seeing an advisor is a lot better, especially if you want low risk, getting expert advice is sure a better way to about things.

Is this financial advisor at a bank or independant?

angelavdavis

He's independent - I have used him before and he hasn't upset me yet!

I think I will still do some digging - prefer to be a bit fore-armed anyway for our meeting.

Thanks very much

cheerfulcat

Lokolo wrote: »

By all means you can go your own router but seeing an advisor is a lot better, especially if you want low risk, getting expert advice is sure a better way to about things.

Not at all! There are plenty of successful self-directed private investors. It may be easier to go to an IFA, but absolutely not necessarily better.

angeladavis, you could have a browse round the incademy site for starters.

Lokolo

cheerfulcat wrote: »

Not at all! There are plenty of successful self-directed private investors. It may be easier to go to an IFA, but absolutely not necessarily better.

Yes and I am sure there are many unsuccessful indebt private investors. I was just thinking to cut the loss and lower the risk, see someone who knows what they are doing.

Its like fixing a car - want to lower the risk or blowing it up? Go to an expert but as you said, there are many skilled people out there who fix cars without it being their job or career.

angelavdavis

I like to understand fully where my money is going - whether its my choice or the recommendation of an IFA.

I also like to spread my investments across the risk areas too. I already have some low risk savings pots, so will be looking at something medium risk, and something high. In fact, I quite fancy a self-select ISA so I can have some choice in investments.

Up until now, I never had the luxury of being able to afford to lose!

cheerfulcat

Lokolo wrote: »

Yes and I am sure there are many unsuccessful indebt private investors. I was just thinking to cut the loss and lower the risk, see someone who knows what they are doing.

IFAs can only sell products. Anyone with a normal level of intelligence and a decent interest in the subject can learn how to invest safely and within their own risk tolerance.