More than 1ISA

apple_mac_user

Can I have 2 stocks and shares ISAs open if the combined amount between them does not exceed the limit?

If not am I allowed to close one and open another, or am I stuck with the one I have for this year?

Thanks

Lokolo

You cannot contribute to more than 1 S&S ISA (Or Cash ISA) simulatenously.

If you have contributed to one you must use that for the rest of the tax year, or transfer it elsewhere (using ISA transfer process) and continue to use that when the transfer is complete.

Shaolin_Monkey

You are allowed to subscribe (i.e. pay money into) one S&S ISA per tax year. You cannot split your payments between two companies in the same tax year.

If you have subscribed to an S&S ISA in this tax year and you now want to use a different provider you can arrange an ISA transfer of the whole amount. You need to arrange a transfer with the company you are moving to - they will provide the forms. Do not withdraw the money and pay it into another company as that will breach the ISA rules. Just a warning, but exit fees can apply on S&S ISA's - some charge as much as £35 per line of stock to transfer out.

innovate

In the same financial year, you can have 1 S&S ISA as well as 1 cash ISA.

The combined deposits ("subscriptions") this FY must not exceed £11,520, and the max you can put into the cash ISA is £5,760.

apple_mac_user

Shaolin_Monkey wrote: »

You are allowed to subscribe (i.e. pay money into) one S&S ISA per tax year. You cannot split your payments between two companies in the same tax year.

If you have subscribed to an S&S ISA in this tax year and you now want to use a different provider you can arrange an ISA transfer of the whole amount. You need to arrange a transfer with the company you are moving to - they will provide the forms. Do not withdraw the money and pay it into another company as that will breach the ISA rules. Just a warning, but exit fees can apply on S&S ISA's - some charge as much as £35 per line of stock to transfer out.

Thanks all especially this one.

I have a S&S ISA opened yesterday with only £500 and no stocks in it so should be easy to do

Vortigern

apple_mac_user wrote: »

I have a S&S ISA opened yesterday with only £500 and no stocks in it so should be easy to do

Check out "Your Right to Cancel" - it may be easier/quicker than transferring.