S & S ISA QUESTION

myopix

Hi, I have a stocks and shares ISA from 2019/2020 which i put money into last December.  I never actually invested this money in any shares at the time and for this ISA year i have opened the ISA with another Platform.   My question is can i still use the money sitting in last years ISA and platform and invest it in stocks & shares this year.  As well as using the funds in this years ISA and Platform.....hope that makes sense.

afis1904

Yes you can do whatever you please with the money sitting in the Stocks and Shares ISA as the tax year when you initially added the money to the ISA is the one that counts.

Alistair31

Yes you can.

adindas

If you are already have one platfotm to hold your S&S Isa from previous year. I am aware you could transfer your ISA to a new platorm but some poople might not want to do that. Is it possible to open another S&S account with the new platform or it has got to be general non ISA wrapper account,

badger09

adindas said:

If you are already have one platfotm to hold your S&S Isa from previous year. I am aware you could transfer your ISA to a new platorm but some poople might not want to do that. Is it possible to open another S&S account with the new platform or it has got to be general non ISA wrapper account,

You can indeed open another S&S ISA with a new platform. What you can't do is pay into both S&S ISAs during the same tax year.   

Imvrasos

What happens in flexible S&S ISAs charging a percentage based fee, when you withdraw the monies for a period within the tax year? Say the funds are in the ISA for 6 months only, under a platform fee of 0.5%. Would my example amount on a 0.25% effective annual fee?

bowlhead99

Imvrasos said:

What happens in flexible S&S ISAs charging a percentage based fee, when you withdraw the monies for a period within the tax year? Say the funds are in the ISA for 6 months only, under a platform fee of 0.5%. Would my example amount on a 0.25% effective annual fee?

You get charged on your average daily balance or your month end balance or however they do the billing. If your balance is low because there aren't many assets in the account (because you sold them and took out the cash), you won't pay as high a fee as when instead, the balance was high (because there were lots of assets in the account).

adindas

I have not paid (or open) a new Isa account this tax year. I have Nationwide flexible ISA accumulated from “previous years” subscription. I am planning to open an ISA account with Trading 212 and then fill this account with the money/cash transferred from Nationwide ISA.

After doing this could I still open another ISA account with another provider, say Plus500 and fill this ISA account with new money from this year allowance??

bowlhead99

adindas said:

I have not paid (or open) a new Isa account this tax year. I have Nationwide flexible ISA accumulated from “previous years” subscription. I am planning to open an ISA account with Trade 121 and then fill this account with the money/cash transferred from Nationwide ISA.

After doing this could I still open another ISA account with another provider, say Plus500 and fill this ISA account with new money from this year allowance??

What you do with previous year's ISA subscriptions doesn't restrict what you choose to do with your current year subscription.

Simply moving old money from Nationwide to somewhere else involves opening a new account, but it is not making a new subscription, it is transferring an old subscription.

If you haven't put any new (current year 2020/21) subscription money into any other S&S ISA this year, you'll be fine to open an account with whichever S&S ISA provider you like, and add your new money to it.  As an aside, I'm not aware that Plus500 actually offers ISAs, because they are mainly offering CFDs which can't be held in ISAs because they are a leveraged product. But if they did offer S&S ISAs, the fact that your previous-year ISA money was with a different company wouldn't stop you opening a new ISA with them for current year S&S ISA subscriptions.

badger09

bowlhead99 said:

adindas said:

I have not paid (or open) a new Isa account this tax year. I have Nationwide flexible ISA accumulated from “previous years” subscription. I am planning to open an ISA account with Trade 121 and then fill this account with the money/cash transferred from Nationwide ISA.

After doing this could I still open another ISA account with another provider, say Plus500 and fill this ISA account with new money from this year allowance??

What you do with previous year's ISA subscriptions doesn't restrict what you choose to do with your current year subscription.

Simply moving old money from Nationwide to somewhere else involves opening a new account, but it is not making a new subscription, it is transferring an old subscription.

If you haven't put any new (current year 2020/21) subscription money into any other S&S ISA this year, you'll be fine to open an account with whichever S&S ISA provider you like, and add your new money to it.  As an aside, I'm not aware that Plus500 actually offers ISAs, because they are mainly offering CFDs which can't be held in ISAs because they are a leveraged product. But if they did offer S&S ISAs, the fact that your previous-year ISA money was with a different company wouldn't stop you opening a new ISA with them for current year S&S ISA subscriptions.

Providing OP uses the new provider's transfer process.