S&S ISA Rules, multiple providers.

Legacy_user

Afternoon,

I have a S&S ISA with a provider that allows me to pick my own stock. I have had it for a few years and pay a reasonable annual fee.

My question is this, can I split my Annual S&S allowance (20k) across two or more providers?
I have invested 1k so far this year in my existing S&S ISA, does this mean I could put 19k into another S&S provider or can you only have one?

As far as I can work out, I would not be breaking any rules just as long as I don't exceed a combined 20K.

Thanks for reading.

Mat.

Asghar

la_bigmac wrote: »

As far as I can work out, I would not be breaking any rules just as long as I don't exceed a combined 20K.

Where did you get that from?

You can only invest new money into one Stocks & Shares ISA and one Cash ISA in any financial year. The £20k limit can be split between them or all into one of them.

You would be breaking the rules if you were to invest money into two different S&S ISA's in the same financial year and HMRC would make you close one of them.

jimjames

Why do you want to split your allowance across 2 providers?

System

Thanks, are you able to point me to the rule that says you cannot have more than one S&S ISA? The rules around ISA's are fairly clear (on this site, for example) but so far I cannot find a definitive answer.

System

I have had the S&S ISA for a number of years and built up a decent sum. Some of the stock I am not ready to sell as I am expecting it to continue to grow at-least I don't believe its peaked yet!

I am interested to explore robo investors, if the marketing hype is to be believed it 'could' do better than me by 4-5%/year. But I cannot move in my own stock only cash. Hence my question, can I do both while not exceeding a limit.

eskbanker

la_bigmac wrote: »

Thanks, are you able to point me to the rule that says you cannot have more than one S&S ISA? The rules around ISA's are fairly clear (on this site, for example) but so far I cannot find a definitive answer.

See the official HMRC guidance notes for ISA managers, where section 3.14 is titled "The ‘one ISA of each type per tax year’ rule" and goes into significantly more explanatory detail....

System

Thanks very much, that is what i was looking for.

Short answer, only one of each type is allowed per year. As I suspected.

jimjames

la_bigmac wrote: »

Thanks, are you able to point me to the rule that says you cannot have more than one S&S ISA? The rules around ISA's are fairly clear (on this site, for example) but so far I cannot find a definitive answer.

You can have more than 1 S&S ISA, I do. You just can't pay in to more than one each year.

Not_Me_Officer

So you could subscribe to 1 cash ISA, 1 S&S ISA and 1 Lifetime ISA in the same tax year but you couldn't make any of those numbers a 2 then?

I wondered how some people on here were saying you could subscribe to a Lifetime ISA and another ISA at the same time.

bowlhead99

Not_Me_Officer wrote: »

So you could subscribe to 1 cash ISA, 1 S&S ISA and 1 Lifetime ISA in the same tax year but you couldn't make any of those numbers a 2 then?

Correct. There is

Cash ISA (of which, a special subcategory is Help to Buy ISA)
S&S ISA
Lifetime ISA (which can hold cash or S&S)
Innovative Finance ISA

You can contribute up to £20k of current year money across those 4 main categories with up to 1 ISA per category that contains current year money. If you'd like to change product provider for your current year money to a different provider but the same type of ISA, you can do that by transfer, but you can only do that by transferring all the current year money from the old provider so that you don't end up with current year money in two different providers for the same main category type

You can move previous year money wherever you like subject to the policies and procedures of the sending and receiving ISA managers.

I wondered how some people on here were saying you could subscribe to a Lifetime ISA and another ISA at the same time.

You are quite welcome to do that. The Lifetime ISA will only take £4k of current year money so even if you've maxed it out you can put another £16k of current year money into one or more of the other main types if you'd like.

badger09

Just to throw a spanner in the works:p

If you hold your cash ISA with Nationwide (other split ISA providers are probably available), you can in fact, pay new money into more than one cash ISA at a time.

For example, you could pay into their HTB ISA, Flexclusive ISA & say a 3 year Fixed Rate ISA, thus paying new money into 3 cash ISAs.

I can't imaging why you might want to do this, but you wouldn't be breaking any rules;)