Multiple S&S ISA's

Van_Dammes_Mullet

I am in the process of transferring a previous tax year's cash e-ISA with Natwest to Vanguard in order to invest the cash in their funds.

My question is - would I be prevented from opening an additional S&S ISA this tax year or next in order to purchase individual shares?

eskbanker

If the NatWest (then Vanguard) ISA contains no 2019/20 money, i.e. no contributions made since 6 April, then you're free to open and fund another S&S ISA elsewhere whenever you like.

If the existing one does have current year money in it then you'd need to wait until the 2020/21 tax year before paying into another S&S ISA.

Van_Dammes_Mullet

Many thanks eskbanker

The ISA being transferred only contains money from previous tax years. No contributions have been made this tax year.

I presume then if I was to open an additional S&S ISA for purchasing individual shares (approx £2000 in total), I would not be able to top up the Vanguard ISA with regular monthly contributions (approx £200 per month)?

Or can I make regular monthly contributions to the Vanguard S&S ISA and purchase individual shares in another S&S ISA - as long as I do not exceed my ISA allowance for the year.
If this is the case, would it be better to have a S&S ISA (not Vanguard) which allows me to invest in Vanguard funds and to purchase individual shares on a regular basis?

eskbanker

You can only pay new money into one ISA of each type in any given tax year, so can only add to one S&S ISA - if you wish to buy Vanguard funds and individual shares then you'll need to ensure that the S&S ISA you pay into allows the purchase of both.

Van_Dammes_Mullet

I'll consider my options then.

Cheers eskbanker