Fund (my first) S&S ISA now, or wait a few days?

ValiantSon

lpgm wrote: »

You're going to confuse everyone by talking about a Vanguard ISA. You've opened an IWeb ISA, and bought a Vanguard fund inside it. If you haven't subscribed the maximum £20,000, you're free to buy another fund. If you have, wait until the new tax year.

Thanks for clarifying.

OP, your ISA is with iWeb, it isn't a Vanguard ISA, so you can but whatever funds you want within the ISA as long as you don't exceed the £20,000 combined ISA limit for the tax year.

scoot65

Quoting ValiantSon
"I don't follow. You can only subscribe to one S&S ISA within any financial year. If you invest money in the Vanguard ISA after 5th April you will not be able to open another ISA with a different provider until 6th April 2019.

If you want to invest in both VLS and HSBC in the next financial year then you can do so by opening an ISA on a different platform e.g. Cavendish (who will be cheapest) and then investing the money in VLS there, as well as HSBC. You can transfer your cash ISA to this new S&S ISA."

Thanks for your reply....

OK, I think I've got it now.

In the 2018/19 financial year I can open S&S ISA and within that ISA invest in both VLS and HSBC (if I choose to invest in both funds).

My current S&S ISA is via iWeb, can I not use iWeb again to invest in another S&S ISA in the 2018/19 financial year?

Also, if I did open a new S&S ISA after April 5th, using the full ISA amount of 20k to invest in HSBC GS, can I, when my current 30k cash ISA (with Leeds Building Soc.) matures, transfer that cash in and invest in more of the same HSBC GS fund? Giving me a total of 50k in HSBC GS fund

Many thanks for your time and patience.....

capital0ne

scoot65 wrote: »

Also am I right in thinking that if I use the full 2018/19 S&S ISA allowance in the VLS60 S&S ISA, I therefore cannot later in the year open a HSBC GS S&S ISA and transfer in from a cash ISA to trade as this would mean I've traded with the VLS ISA and investing the cash in HSBD is also trading?

You can transfer your cash ISA to any ISA provider that accepts transfers even if you have already opened and funded an ISA in the same tax year.

The rule is very simple.

Open as many ISAs as you like in any one tax year.

Pay new money into only one of them.

Transfer existing ISA funds to another ISA provider that accepts transfers - a transfer is not new money.

good luck

capital0ne

scoot65 wrote: »

Quoting ValiantSon
My current S&S ISA is via iWeb, can I not use iWeb again to invest in another S&S ISA in the 2018/19 financial year?

You can continue to use iWeb from year to year.
Once you pay new money into an ISA platform you stick with that one for the remainder of the year.

You can continue dealing in as many ISAs as you like but can only add new money to one of them.

scoot65

Looks like while I was writing my reply lpgm has kindly stepped in to clarify, many thanks.

.....and with resulting replies, the penny's now dropped!!!


To conclude, my ISA is with iWeb, so in the 2018/19 financial year I can buy 10k of VLS funds and 10k of HSBC funds .... and transfer in my 30k of cash ISA upon maturity in August (assuming transfers are accepted)


Thanks to all who've helped. Again, it's much appreciated!

ValiantSon

scoot65 wrote: »

Quoting ValiantSon
"I don't follow. You can only subscribe to one S&S ISA within any financial year. If you invest money in the Vanguard ISA after 5th April you will not be able to open another ISA with a different provider until 6th April 2019.

If you want to invest in both VLS and HSBC in the next financial year then you can do so by opening an ISA on a different platform e.g. Cavendish (who will be cheapest) and then investing the money in VLS there, as well as HSBC. You can transfer your cash ISA to this new S&S ISA."

Thanks for your reply....

OK, I think I've got it now.

In the 2018/19 financial year I can open S&S ISA and within that ISA invest in both VLS and HSBC (if I choose to invest in both funds).

My current S&S ISA is via iWeb, can I not use iWeb again to invest in another S&S ISA in the 2018/19 financial year?

Yes you can. Your referring to a "Vanguard ISA" made me think that you had an ISA with Vanguard Investor, who only sell their own funds. You can continue to use iWeb.

scoot65 wrote: »

Also, if I did open a new S&S ISA after April 5th, using the full ISA amount of 20k to invest in HSBC GS, can I, when my current 30k cash ISA (with Leeds Building Soc.) matures, transfer that cash in and invest in more of the same HSBC GS fund? Giving me a total of 50k in HSBC GS fund

Many thanks for your time and patience.....

Yes. That £30,000 is not new money into the ISA because it is already within an ISA wrapper, so you are simply allocating it differently, i.e. from cash to investments.

scoot65

ValiantSon wrote: »

Yes you can. Your referring to a "Vanguard ISA" made me think that you had an ISA with Vanguard Investor, who only sell their own funds. You can continue to use iWeb.



Yes. That £30,000 is not new money into the ISA because it is already within an ISA wrapper, so you are simply allocating it differently, i.e. from cash to investments.

Sorry for the confusion, at least we got there in the end :T:T

badger09

scoot65 wrote: »

Sorry for the confusion, at least we got there in the end :T:T

scoot65

When you decide to move the contents of your cash ISA to IWEB, you must ask IWEB to do it for you, don't just move the money yourself!

IWEB have a form on their website which you have to print off, complete & post to them. My experience is that it takes 2 - 3 weeks from posting the form to the cash being available in your IWEB ISA.

scoot65

badger09 wrote: »

scoot65

When you decide to move the contents of your cash ISA to IWEB, you must ask IWEB to do it for you, don't just move the money yourself!

IWEB have a form on their website which you have to print off, complete & post to them. My experience is that it takes 2 - 3 weeks from posting the form to the cash being available in your IWEB ISA.

Thanks for the info regarding transferring an cash ISA in. I'll make sure I'll do the correct paperwork process.

scoot65

Well...... I'm still waiting to see the VLS fund show up in my iWeb S&S ISA account. I bought the fund 1.45pm on 6th Feb and up now it's still showing as "Active - Your order is currently active and will be executed in line with our Order Handling Policy"

Is 50 hours and counting the norm when using iWeb?