Stocks and Shares ISA - can't buy shares

mxo

I have a Cavendish Online/Fidelity ISA. I've invested in funds. I want to buy some shares directly, but Fidelity don't provide this, they only let you invest in funds/ETFs. The problem is, I've already paid into it in this tax year, so can't open another ISA.

These seem to be the options, but I'm getting tied in knots over it!:

1. Transfer the ISA to another platform which lets me buy both shares and funds. Except the problem is, the platforms I've looked at don't have all the funds I've already invested in.

2. Or just open a non-ISA dealing account and take the tax hit.

Any thoughts? The whole one-ISA-in-a-year rule seems archaic and daft, as long as you don't put in more than £20k, it shouldn't matter how many ISA accounts you open, but unfortunately it does :-(

TrustyOven

Presumably if the new platform doesnt have the exact funds you are already invested in, you would find similar funds with similar attributes and buy those with your transfer cash.


That you dont know or see this, and that then you are complaining about the 20k ISA annual limit suggests maybe you are not an experienced investor?


In which case, surely you should avoid shares and just go for funds for a while longer?


Would you care to list the funds you have and the shares you want to buy, so that others who are more experienced can help you out?

dunstonh

Fidelity is a fund supermarket. Not a wrap platform. It has been talking about moving to wrap platform basis for very many years. It will come but who knows when.

1. Transfer the ISA to another platform which lets me buy both shares and funds. Except the problem is, the platforms I've looked at don't have all the funds I've already invested in.

if you go to a wrap platform they should have the lot. If you are only looking at fund supermarkets then you will be limited.

Stick to wrap platforms if you want all the investment universes.

The whole one-ISA-in-a-year rule seems archaic and daft, as long as you don't put in more than £20k, it shouldn't matter how many ISA accounts you open, but unfortunately it does :-(

Remember how old ISAs are now and the tech that existed at the time. Can you imagine how HMRC could have overseen such flexibility back then?

firestone

Fidelity have allowed investment into approx 500 shares via an ISA for the last few months with more due to follow so Cavendish should be adding soon you would think

stephen160

Pensions to follow later this year , i have been told

jimjames

mxo wrote: »

I have a Cavendish Online/Fidelity ISA. I've invested in funds. I want to buy some shares directly, but Fidelity don't provide this, they only let you invest in funds/ETFs. The problem is, I've already paid into it in this tax year, so can't open another ISA.

If you still have enough room in your S&S ISA to put the money that you would use to buy the shares then it would suggest that it's not a significant amount that would be affected by CGT. If necessary could you buy now then sell to move into an ISA in future to use your CGT allowance?

mxo

Would you care to list the funds you have and the shares you want to buy, so that others who are more experienced can help you out?

Comparing fees, iWeb seems to be the cheapest platform for my needs, and they allow you to buy the shares I'm looking for (specifically US tech company shares)

Funds I have:
- Fidelity Index Emerging markets, Fidelity Index Japan, iShares Continental European Index, L&G Global technology index - I can't find any of these funds on iWeb
- Vanguard Lifestrategy is the only one I have which I can find on iWeb

If you still have enough room in your S&S ISA to put the money that you would use to buy the shares then it would suggest that it's not a significant amount that would be affected by CGT. If necessary could you buy now then sell to move into an ISA in future to use your CGT allowance?

Agree, I'm not looking to buy a huge amount of shares, I'm dipping my feet in at this stage for fun, mostly sticking with funds otherwise. But if I buy more shares at a later stage, it would be nice to have everything set up in an ISA together now if that's possible, and if it doesn't cost more in fees etc.

Thrugelmir

mxo wrote: »

Agree, I'm not looking to buy a huge amount of shares, I'm dipping my feet in at this stage for fun, mostly sticking with funds otherwise. But if I buy more shares at a later stage, it would be nice to have everything set up in an ISA together now if that's possible, and if it doesn't cost more in fees etc.

Hold them outside an ISA. Holding shares inside an ISA isn't a neccessity. Particularly if they are low value holdings for fun. Dealing costs are the same.

bundoran

mxo wrote: »

Funds I have:
- Fidelity Index Emerging markets, Fidelity Index Japan, iShares Continental European Index, L&G Global technology index - I can't find any of these funds on iWeb
- Vanguard Lifestrategy is the only one I have which I can find on iWeb

Well you need to look harder because I just have and they're all on IWEB.