Mini, Stocks and Shares..

hassanpirbhai

Dear All,
Pls go easy as I'm relatively new so I apologise!!

I have invested £3k into a mini-isa with Intelligent Finance (for monthly interest rates).

This leaves me with £4k. I wanted to invest this in a couple of funds (e.g. Fidelity) and in a couple of shares that I have seen (so I can start learning about how the market works)....

I phoned up Bestinvest who said that I need to open a stocks and shares isa but they couldn't do it. I phoned up Fidelity who said that I can't do both under one ISA wrapper.

So, now I'm confused completely...can anyone help me out and explain how I can open something in which I can invest the remaining £4 into BOTH funds, and in shares (one is on AIM, other is on FTSE 100)....

me....

cheerfulcat

So, now I'm confused completely...can anyone help me out and explain how I can open something in which I can invest the remaining £4 into BOTH funds, and in shares (one is on AIM, other is on FTSE 100)....

You need a proper broker's account. Squaregain is the one I use. Hargreaves Lansdown also offer a full stockbroking service. Unfortunately SG's prices are better for sharedealing, and HL's for holding ( but not buying ) funds...there are many other brokers who offer ISA wrappers - you can compare them here.

BTW, are you aware that only certain AIM traded shares are allowed in an ISA? It's quite a complicated area.

HTH

Cheerfulcat

hassanpirbhai

Hey!
That helps but you realise my next obvious question...how do i check whether my aim stock is covered within an ISA?

Obvious thing to do is to phone squaregain and discuss with them..
however, as a general rule..there would probs be a list somewhere?

So what do companies such as best invest do?

Can i confirm - as long as my AIM share is ISA compliant, I can buy my fund (it's a fidelity one) and my share, within an ISA from square gain?

cheerfulcat

Hi,

That helps but you realise my next obvious question...how do i check whether my aim stock is covered within an ISA?

That's where it gets complicated.

Obvious thing to do is to phone squaregain and discuss with them...

You would think so, but they won't be able to answer with any great authority, except to point out those which definitely cannot be held within an ISA.

however, as a general rule..there would probs be a list somewhere?

M'yes, again, you'd think so, wouldn't you? But there isn't. The rules are [needlessly] horrendously complex. There is a list at ADVFN of AIM shares which different people's brokers have allowed into their ISAs but that doesn't mean that they are there legally...HMRC have not the first clue either. I can direct you to the rules - will run away and get them now...ok, I'm back. AFAIAA, everything currently known is contained or linked to in this thread.

Can i confirm - as long as my AIM share is ISA compliant, I can buy my fund (it's a fidelity one) and my share, within an ISA from square gain?

Yes, that's right. Squaregain might even offer a discount on the initial charge, they frequently do.

Just one additional point; AIM traded shares have some very nice tax breaks of their own; possibly best to use your ISA to shelter more sensitive gains?