Splitting Stocks & Shares ISA between different providers?

baron_muffback

Hi

I would be obliged if you could answer my questions.

1. I would like to split my £10,200 Stocks & Shares ISA between 3 different funds- A, B, C.

Can you please clarify that the only way I can do this is via a fund provider (Hargreaves & Landsdowne, Interactive Investor etc) as you are only allowed to open an ISA with one provider each tax year? Is this assumption is correct you cannot go the each of the companies that provide funds A, B & C directly.

2. If I already have money in funds A & B from last tax year. I go to interactive investor split my money over three funds A, B & C. Would my contributions to A & B this tax year go into my existing pot of money/ account for these funds.

Regards
Gary

xrjtg

baron_muffback wrote: »

1. I would like to split my £10,200 Stocks & Shares ISA between 3 different funds- A, B, C.

Can you please clarify that the only way I can do this is via a fund provider (Hargreaves & Landsdowne, Interactive Investor etc) as you are only allowed to open an ISA with one provider each tax year? Is this assumption is correct you cannot go the each of the companies that provide funds A, B & C directly.

Yes, you can only pay in to one S&S ISA a year. There are other reasons not to buy direct from fund manager's though, mainly the potential for a large reduction in charges.

baron_muffback wrote: »

2. If I already have money in funds A & B from last tax year. I go to interactive investor split my money over three funds A, B & C. Would my contributions to A & B this tax year go into my existing pot of money/ account for these funds.

If you don't add any more money then changing your fund holdings is allowed without affecting the tax-free status, or your ability to pay into another S&S ISA this year.

Jake'sGran

Just as a matter of interest I reached the maturity stage with a cash a/c and requested HL to take it over and divide it between four funds. They have all made money since.

I have never invested directly with a fund company except perhaps in earlier times when I didn't know about discount brokers...or much else really.

With regard to your third point. You cannot add new money to the iii ISA if you put in the full amount allowed when you opened it. Is that what you meant?

jonnets

In reply to your second question, you need to ask iii. Some managers do merge ISAs between tax years other keep them separate.

jimjames

jonnets wrote: »

In reply to your second question, you need to ask iii. Some managers do merge ISAs between tax years other keep them separate.

I don't use iii but HL certainly merge tax years together. Fidelity Fundsnetwork keep them separate.

Linton

iii merge years.

baron_muffback

Thanks everyonr for your help

m0n3y_3

Just thinking about S&S Isa, any advantages/disadvantages of merging years into one pot like iii do?

Linton

m0n3y wrote: »

Just thinking about S&S Isa, any advantages/disadvantages of merging years into one pot like iii do?

The disadvantage of not doing it is that when you have a fund bought in multiple years and then decide to sell say half and use the proceeds to buy 2 or 3 others life can get complicated. You can end up with lots of bits of funds scattered over many years.

Although Fidelity do keep the years separate, you can partially ignore that and treat your holdings as as one big portfolio.

I cant think of any advantages of keeping years separate.