Question about S&S isa

katp1984

Hi everyone, a savings newbie here!

I've paid off my credit card debt a few months ago:T and have some savings in a cash isa. I also started paying £100 a month into legal and generals uk index fund. Now I understand that this is an isa as well. My question is, supposing I wanted to invest in another fund, can that be part of the isa (as I am below the 3600 limit) or can you only invest in one fund every tax year?

Hope I've made myself clear.
P.S the other fund I was looking at was Invesco Perpetual distribution

Thanks
Kevin

dunstonh

My question is, supposing I wanted to invest in another fund, can that be part of the isa (as I am below the 3600 limit) or can you only invest in one fund every tax year?

You can invest in as many funds as you like as long as its with the same ISA manager. That is why most people use fund supermarkets and not direct to provider.

KingL

Also the limit is £7200 for S&S ISA.

If you have also funded a cash ISA, deduct the amount that you put in the cash ISA from £7200 to get your limit for the S&S ISA.

katp1984

I see. Thanks for clearing that up dunstonh:money:. As I am already with legal and general, I assume I can only buy their funds for this years isa. Am I correct? Is there anyway I can transfer the isa to someone else then? and is the process free? For example a fund supermarket like you suggested. I was going to use H-L to buy the other funds.

Thanks
Kevin

Lokolo

Yes you can transfer, yes you can only buy their funds this tax year, not sure of the costs though. HL charge to transfer out.

Lokolo

To transfer an existing ISA from us to another
manager, you need to follow a similar process
completing the necessary paperwork from the new
company. When we receive notification, we sell your
units and transfer the value to your new manager to
invest. We currently make no charge for this. When
transferring an ISA, you should keep the following
points in mind:
• You can transfer as many of your existing ISAs as
you wish.
• You will not benefit from any rise in the markets whilst
the transfer is taking place, you may lose some income
or growth.
• If you are transferring a stocks and shares ISA which
includes investments made in this tax year, and you
have not used your maximum allowance, you must
wait for the process to complete before making any
further investments.

From L&G ISA info: https://www80.landg.com/DocumentLibraryWeb/Document?reference=Yearbook.pdf

Page 43/44

katp1984

Thanks Lokolo :T , so which would you suggest is the best "fund supermarket" to go with? At the moment, I'm considering H-L or fidelity. Are there any others I should look at? If you have any experience with either, which would you say is better - in terms of cost, online access and layout and choice of funds. I'm currently leaning towards H-L as one of my friends is with them and has had no problems. He also mentioned you get discounts on the charges on the funds.

Sorry about all the questions!!

Thanks
Kevin

Lokolo

I am with H-L and have yet to have any problems.

dunstonh

Fidelity are priced and geared for an intermediary to be involved. Not DIY. HL is cheaper for the DIY investor.

Lanz81

Legal & General offer an Investor Portfolio Service which allows you to invest in a platform of funds, the same as a fund supermarket.