Investing Question

acerazor1

Hi guys,

I have an S&S ISA on vanguardinvestor, but I want to also invest in other companies, which vanguard do not offer using their platform. How can I invest tax free on another platform? (P.S. I am not at the £20000 tax free fresh-old in the ISA). Is the only option to switch the ISA to a different platform, meaning I would need to pay higher fees to maintain my vanguard investments?

Many thanks for any help.

charoniv

Have you paid in to the ISA this year? If not then you can open another ISA with another provider otherwise you will have to transfer or wait until next year or invest outside an ISA (and declare it).

There probably isn't any rush to do this so waiting until next year shouldn't be a problem.

acerazor1

charoniv wrote: »

Have you paid in to the ISA this year? If not then you can open another ISA with another provider otherwise you will have to transfer or wait until next year or invest outside an ISA (and declare it).

There probably isn't any rush to do this so waiting until next year shouldn't be a problem.

Thanks - that's what I thought. Just on a side note - what happens when the new ISA year comes in? Does my ISA that was opened this year get closed? Remain open and I can have two ISA's? Or do I need to close it? A little confused :rotfl:

bigadaj

acerazor1 wrote: »

Thanks - that's what I thought. Just on a side note - what happens when the new ISA year comes in? Does my ISA that was opened this year get closed? Remain open and I can have two ISA's? Or do I need to close it? A little confused :rotfl:

You can only fund one is a per year. So if you have a Vanguard Isa this year then you can open a separate is a next year with a different provider and fund that. You can't put any more into the vanguard isa but can leave it separate and hopefully it then grows happily.

Alexland

If you are young enough you may be allowed £4k in a LISA (say AJ Bell if you want lots of choice but read the LISA terms carefully to understand if it's suitable) but it would limit your Vanguard ISA to £16k this year.

Or just wait and open an ISA elsewhere for the new tax year.

enthusiasticsaver

You can't invest any more in your ISA this year via another platform if you have already paid in this year through Vanguard platform. You can either wait until after 6 April 2018 or transfer from Vanguard to another platform if you have some of your allowance left. How many funds are you invested in? Why not just stick to Vanguard funds for this year and then rethink your investment strategy from 2018?

Eco_Miser

acerazor1 wrote: »

Is the only option to switch the ISA to a different platform, meaning I would need to pay higher fees to maintain my vanguard investments?

The options are to wait until April 6th 2018, then open a new ISA (retaining your current one but paying no more into it), or transfer to a new provider.

However, some providers actually charge less than vanguardinvestor's platform fee for Vanguard and other funds, depending on how much you have invested and how often you add more.
eg IWEB: £25 opening fee, no annual fee, £5 for each buy or sell.
SnowMan produced a spreadsheet to help you work out which platform is best for your position.