multiple ISA accounts

csgohan4

Wanted to double check, say you open 20k x2 ISA accounts for both him and her.
Over the next 10 years your going to have 20 accounts to manage? Wouldn't that be silly?

If migrating each old ISA to the new ISA, wouldn't gains be negated with exit fees and selling off the fund assuming S+S ISA invested in a broad Index tracked funds, for arguments sake 50/50 equities/glits?

How do you accumulate the historical ISA collectively without losing the gains/ having to buy funds again

ColdIron

You wouldn't open a new ISA, you would just add to the one you already have each year

csgohan4

ColdIron said:

You wouldn't open a new ISA, you would just add to the one you already have each year

Thanks for the clarifying, wasn't clear on my reading if you could to the exisiting one, now I got to find a low fee platform to use.  Makes it easier to stick with one

ZeroSum

csgohan4 said:

ColdIron said:

You wouldn't open a new ISA, you would just add to the one you already have each year

Thanks for the clarifying, wasn't clear on my reading if you could to the exisiting one, now I got to find a low fee platform to use.  Makes it easier to stick with one

Just to chuck something else in, you will need multiple ones with different providers if you want full FSCS protection as it's only upto £85k

colsten

ZeroSum said:

csgohan4 said:

ColdIron said:

You wouldn't open a new ISA, you would just add to the one you already have each year

Thanks for the clarifying, wasn't clear on my reading if you could to the exisiting one, now I got to find a low fee platform to use.  Makes it easier to stick with one

Just to chuck something else in, you will need multiple ones with different providers if you want full FSCS protection as it's only upto £85k

This doesn't really apply to S&S ISAs - unless you hold cash on the platform, which would somewhat defeat the object of having an S&S ISA in the first instance.

RobHT

I also have S&S ISA, but what about Crypto currencies with 12k capital gain tax free?
Is this summed up to 20k S&S ISA?

Other questions, is ISA summed up every year? So if I top up 19.9k each year in 2 years for example, that should be free of taxes.
Or the amount that I buy in shares will be summed up to my gain? For example ,10k spent and 1k gained, would that be counted 11k on the annual ISA balance?

colsten

You can deposit a total of £20k new money per tax year across your ISAs but you cannot spread your deposits over the same type of ISA in the same tax year. E.g. in the same tax year, you can put £10k into an S&S ISA and £10k into a cash ISA, but you cannot put £10k into S&S ISA A and £10k into S&S ISA B.

Any gains you make are of no relevance to your annual deposit (subscription) allowance. 

There is no crypto currency ISA but you can hold a crypto ETF (if you find one, and if your ISA platform offers it) in an S&S ISA, in the same way you can hold other ETFs in an ISA.

There is no CGT, or use of CGT allowance, in an ISA. The entire point of ISAs is that they are tax exempt.

RobHT

colsten said:

You can deposit a total of £20k new money per tax year across your ISAs but you cannot spread your deposits over the same type of ISA in the same tax year. E.g. in the same tax year, you can put £10k into an S&S ISA and £10k into a cash ISA, but you cannot put £10k into S&S ISA A and £10k into S&S ISA B.

Any gains you make are of no relevance to your annual deposit (subscription) allowance. 

There is no crypto currency ISA but you can hold a crypto ETF (if you find one, and if your ISA platform offers it) in an S&S ISA, in the same way you can hold other ETFs in an ISA.

There is no CGT, or use of CGT allowance, in an ISA. The entire point of ISAs is that they are tax exempt.

Thanks a lot, I have few questions.
What do you mean I can't spread the investment on the same ISA?
Currently I have S&S ISA with Vanguard, what about if I open it with another platform? I can't use the remaining ISA balance?

Cash ISA is still not clear to me, I'll verify later, for the moment I'm focused on S&S ISA.

For crypto currencies I've meant a tax free threshold, if I'm not wrong in UK is 12k, it's not called ISA most probably, but I think this is the threshold, do you confirm?
So, I can gain max 12k per year with crypto.
Moreover, do I need to declare it in my tax return, or whatever the company where I'm employed sends to HMRC?

Albermarle

Currently I have S&S ISA with Vanguard, what about if I open it with another platform? I can't use the remaining ISA balance?

Opening an ISA is not relevant , it is whether you have contributed NEW funds to it this tax year ( transfers do not count ) .

Once you have contributed new money to a S&S ISA in a tax year you can not add new money to another S&S ISA in a tax year.

colsten

RobHT said:

For crypto currencies I've meant a tax free threshold, if I'm not wrong in UK is 12k, it's not called ISA most probably, but I think this is the threshold, do you confirm?
So, I can gain max 12k per year with crypto.
Moreover, do I need to declare it in my tax return, or whatever the company where I'm employed sends to HMRC?

There is no such thing as a tax free threshold for crypto currencies.

As I said, you can, at least in theory, hold a crypto ETF in an S&S ISA. Any gain you make from whatever investment within an ISA will be tax free.

For taxation of crypto assets held outside an ISA, please refer to https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

colsten

RobHT said:

What do you mean I can't spread the investment on the same ISA?
Currently I have S&S ISA with Vanguard, what about if I open it with another platform? I can't use the remaining ISA balance?

You should distinguish between ISA balance and ISA allowance. 

• ISA balance is the value of your current investments / savings in a given ISA.
• ISA allowance is the maximum amount of new deposits you can make in a tax year. Currently £20k

You cannot spread you annual allowance between ISAs of the same type. S&S ISAs are one type of ISA. Other types are cash ISAs, Innovative Finance ISAs etc.. You can spread your annual ISA allowance across one of each ISA type but since you appear to only be interested in S&S ISAs, that doesn't sound relevant for your requirements.

So no, in the same tax year, you cannot deposit new money into your Vanguard ISA and an into S&S ISA on a different platform. You have to choose one of them.