Investing in an ISA - is this allowed? 22 August 2017 at 8:46AM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 3 replies 920 views

vertex

Hi all

I currently have past-year ISAs within a Vanguard account and a Hargreaves account.

Id also like to invest in a P2P platform within an ISA allowance (IFISA) such as https://www.fundingsecure.com/invest-with-us/ifisa

Im looking to start investing this year's ISA allowance. Am I allowed contribute money in my Hargreaves account AND my Vanguard account? AND ALSO create a IFISA account? Or am I only allowed to invest this year's ISA allowance in one of the above?

Thanks

Vortigern

You can contribute to EITHER your Vanguard ISA OR your HL ISA but not both.

You can also contribute to an IFISA in addition to the above.

But you need to clarify what this "Vanguard ISA" actually is. Vanguard have not been offering their own ISA long enough for anybody to have a previous year subscribed.

vertex

Thanks Vortigern.

I transferred a portion of prevous year's ISA to my Vanguard account (https://www.vanguardinvestor.co.uk) and kept the remaining in my Hargreaves account.

Its good to know that I can invest this year's allowance in one of the above AND an IFISA.

As a corollary question, I presume the same goes for IFISAs? In other words, I can only invest in one (such as Funding Secure)?

Ive been waiting for Lendy to get FCA approval but until then I think Ill invest with Funding Secure.

eskbanker

vertex wrote: »

As a corollary question, I presume the same goes for IFISAs? In other words, I can only invest in one (such as Funding Secure)?

Yes, for once the official ISA rules (clause 1.12) are probably the most succinct and simple representation:

From 6 April 2017 investors can subscribe in each tax year to

• one cash ISA
• one stocks and shares ISA,
• one innovative finance ISA, and
• one Lifetime ISA