Earliest Application Date for Stocks & Shares ISA

rusty69

Do I need to wait until next tax year before applying to open a new stocks and shares ISA? I already have one for this year.Or can I set one up and pay no money in until next year.

I assume opening a new one can take some weeks, and would like to be up and running as soon as possible into the new tax year.

Many thanks

le_loup

It takes about 10 minutes to set one up online assuming you have good electronic details.

rusty69

le_loup wrote: »

It takes about 10 minutes to set one up online assuming you have good electronic details.

Thanks. I'm not sure I have "good electronic" details, as the last one I set up I had to complete a paper application form and send in various I.D documents, and it took some weeks to set up.

lr1277

From what you are saying, you already have an S&S isa for the current financial year.
Do you not want to open another one with the same provider for 14/15?
Or do you want a new provider in the next financial year?


If the same provider, surely they can set one up in a matter of minutes as they already have your details.
If a new provider, than it may take a little while longer.

rusty69

lr1277 wrote: »

From what you are saying, you already have an S&S isa for the current financial year.
Do you not want to open another one with the same provider for 14/15?
Or do you want a new provider in the next financial year?


If the same provider, surely they can set one up in a matter of minutes as they already have your details.
If a new provider, than it may take a little while longer.

I already have one in this current tax year. I would like to open another with a different provider for next year. The question is can I apply to open it this year, so that it is setup ready for next year, or do i have to wait until next tax year and then apply to open it with the new provider, waiting for however long it takes them to set it up.

Thanks

rusty69

I have contacted the platform provider who tells me that it is ok to open another isa this tax year as long as I don't contribute money until next tax year.

"It is possible to open an ISA with us and as long as you do not contribute until next tax year all will be fine."

tushingham

rusty69 wrote: »

I have contacted the platform provider who tells me that it is ok to open another isa this tax year as long as I don't contribute money until next tax year.

"It is possible to open an ISA with us and as long as you do not contribute until next tax year all will be fine."

this is correct

Linton

Why do you want multiple S&S ISAs??? It makes management of investments unnecessarily complicated. You should be able to simply pay in a new tranche of money into your existing S&S ISA next year, or if you think the other one is better transfer the existing one there first and then add to it next tax year.

jimjames

Linton wrote: »

Why do you want multiple S&S ISAs??? It makes management of investments unnecessarily complicated. You should be able to simply pay in a new tranche of money into your existing S&S ISA next year, or if you think the other one is better transfer the existing one there first and then add to it next tax year.

The only reason I can think of is if the different platforms are better for different types of investment eg shares vs funds and you're looking to get the best overall deal which might not be possible with one company.