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Depositing in 2019-20 S&S ISA - future changes and transfer
KitsuneBlue
Posts: 4 Newbie
Hi all,
Apologies if this has been answered many times before. I searched and couldn't find an exact fit to this question/scenario, so appealing to the knowledge of MSE forumites. I'd be equally grateful if anyone could signpost to any official guidance to support an answer to these q's?
I'm a newbie to S&S ISA investing and have opened an S&S ISA with Vanguard, depositing £5k and investing this into the VLS60 fund. I'm keen to deposit further funds to make use of the remaining £15k allowance for the 19/20 FY, however due to present uncertainty and volatility would rather not do so as a lump sum investment in a fund (even one as diversified as an index tracker split with bonds). I intend to make smaller payments into index funds over the longer term but am also exploring the idea of selecting a wider range of funds beyond those offered by Vanguard and potentially the ability to pick individual shares. Ideally i'd like to have the opportunity/flexibility to do both, over a longer term so I can invest at intervals in a tax efficient manner.
For this reason I'm considering an alternate platform such as Interactive Investor to open my 2020/2021 S&S ISA. So, my primary questions are:
1) If I deposit cash into my Vanguard ISA prior to the 5th April deadline then can I invest this after this deadline into various funds on the platform - e.g. over the next 12 months/at scheduled intervals?
2) Provided I do not remove/extract my funds/cash from the platform (and acknowledging I won't be able to deposit any more money into the ISA beyond the deadline) am I free at a future point in time to sell existing funds in this 'pot' and change them to invest in alternate funds? Basically, am I free to change the split/composition of this ISA as I please or is this limited in any way?
3) If i want to transfer this ISA at a future point in time to a new provider then do funds have to be sold and converted/liquidated into a cash balance first?
Grateful for any light you can shed.
Apologies if this has been answered many times before. I searched and couldn't find an exact fit to this question/scenario, so appealing to the knowledge of MSE forumites. I'd be equally grateful if anyone could signpost to any official guidance to support an answer to these q's?
I'm a newbie to S&S ISA investing and have opened an S&S ISA with Vanguard, depositing £5k and investing this into the VLS60 fund. I'm keen to deposit further funds to make use of the remaining £15k allowance for the 19/20 FY, however due to present uncertainty and volatility would rather not do so as a lump sum investment in a fund (even one as diversified as an index tracker split with bonds). I intend to make smaller payments into index funds over the longer term but am also exploring the idea of selecting a wider range of funds beyond those offered by Vanguard and potentially the ability to pick individual shares. Ideally i'd like to have the opportunity/flexibility to do both, over a longer term so I can invest at intervals in a tax efficient manner.
For this reason I'm considering an alternate platform such as Interactive Investor to open my 2020/2021 S&S ISA. So, my primary questions are:
1) If I deposit cash into my Vanguard ISA prior to the 5th April deadline then can I invest this after this deadline into various funds on the platform - e.g. over the next 12 months/at scheduled intervals?
2) Provided I do not remove/extract my funds/cash from the platform (and acknowledging I won't be able to deposit any more money into the ISA beyond the deadline) am I free at a future point in time to sell existing funds in this 'pot' and change them to invest in alternate funds? Basically, am I free to change the split/composition of this ISA as I please or is this limited in any way?
3) If i want to transfer this ISA at a future point in time to a new provider then do funds have to be sold and converted/liquidated into a cash balance first?
Grateful for any light you can shed.
0
Comments
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The short answers are yes, yes, yes and no, but they're all covered in more detail in a document you should be reading (and have probably already declared that you have done), namely https://www.vanguardinvestor.co.uk/content/documents/legal/key-features-isa-gia-201902.pdf0
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Thank you eskbanker and fair point on the diligence side, noted.0
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