How many Stocks & Shares ISA in one Year?

sharpharp

Hi,


Can anyone tell me what the current guidelines are for How many Stocks and Shares ISAs you can open in the same year?


I have a S&S ISA which I want to close, then I intend to open another one within this same Tax year, can you do this?

Keep_pedalling

You can only open one, but even if you opened your existing ISA in a previous tax year, it is not a good idea to waste any of your annual allowance doing things in the order you are talking about. Better to open the new ISA then transfer out of the old into the new.

Why would you want to close down such a newly opened ISA?

sharpharp

Keep_pedalling wrote: »

You can only open one, but even if you opened your existing ISA in a previous tax year, it is not a good idea to waste any of your annual allowance doing things in the order you are talking about. Better to open the new ISA then transfer out of the old into the new.

Why would you want to close down such a newly opened ISA?

Because I got my incentive and want to close up as it's no longer needed and move onto the next.


I guess I can close this one and open a new one in April without breaking any rules then? I'm not bothered about transfers using my present strategy

eskbanker

sharpharp wrote: »

Because I got my incentive and want to close up as it's no longer needed and move onto the next.

Just out of interest, who is offering incentives for opening S&S ISAs?

Keep_pedalling

sharpharp wrote: »

Because I got my incentive and want to close up as it's no longer needed and move onto the next.


I guess I can close this one and open a new one in April without breaking any rules then? I'm not bothered about transfers using my present strategy

I assume your incentive is from a cashback site rather than directly though the ISA provider as I don't know any that provide such incentives. You don't actually have a strategy, all you are doing is earning piddly amounts of money via cash back rather than doing any real long term investing which is going to earn you far more.

Any money put into an S&S ISA is going to be subject to charges, and leaving in an account for just a few months risks being hit by a short term fall in fund value, so your piddly gain could term into a loss if you were unlucky with your timing..

sharpharp

Keep_pedalling wrote: »

I assume your incentive is from a cashback site rather than directly though the ISA provider as I don't know any that provide such incentives. You don't actually have a strategy, all you are doing is earning piddly amounts of money via cash back rather than doing any real long term investing which is going to earn you far more.

Any money put into an S&S ISA is going to be subject to charges, and leaving in an account for just a few months risks being hit by a short term fall in fund value, so your piddly gain could term into a loss if you were unlucky with your timing..

LOL, you clearly haven't got a clue have you peddler.
You assumed (wrongly) that this was cashback. There are other ways to get incentives, but that isn't what I came on here to talk about, it was regarding the number of S&S isas in one financial year.


One final note, put your ego in check, some people on here use cashback sites a lot, while it may seem piddly to you, to others its a life line.


As for S&S Isas, there are a some out there for short term gains to be made, which easily outweigh the small withdrawal penalties.

jimjames

sharpharp wrote: »

As for S&S Isas, there are a some out there for short term gains to be made, which easily outweigh the small withdrawal penalties.

Can you enlighten us as you seem to be expert at this?

Keep_pedalling

sharpharp wrote: »

LOL, you clearly haven't got a clue have you peddler.
You assumed (wrongly) that this was cashback. There are other ways to get incentives, but that isn't what I came on here to talk about, it was regarding the number of S&S isas in one financial year.


One final note, put your ego in check, some people on here use cashback sites a lot, while it may seem piddly to you, to others its a life line.

As for S&S Isas, there are a some out there for short term gains to be made, which easily outweigh the small withdrawal penalties.

So come on then just give us facts this is supposed to be somewhere where we share info, not where some smug poster comes on asking a very basic question, but claims to have some nice money making scheme they seem very reluctant to reveal to the rest of us.

As for cash back sites I have no issue with them, but when it comes down to something like S&S ISAs they really have little to offer long term investors.