Opening another ISA

limpep

Hi,

I opened an ISA account back in May 2019 on one platform. I was wondering will I need to wait till April 2021 to open another ISA account on another platform?
My understanding is since the financial year runs from April to 2019 to April 2020. From my understanding is that, I should be able to open another ISA account, but wanted double check.
Thanks

JGB1955

Your understanding is correct.  You can open one now, and another after 6 April, if you so wish.

grumiofoundation

You need to specify which type of ISA(s) you are talking about.

You can contribute up to a total of 20k to one of each four ISA types.
Cash
Stocks and Shares
Lifetime
Innovative Finance

The restrictions apply to contributions of (new) money. ISA transfers do not count towards contribution limits. You can actually open more than one of each ISA type if you like - but can only contribute (new money) to one of each type.  

limpep

I opened a Vanguard Stocks and Shares ISA at around May 2019 and would like to open a Stocks and Shares on Trading 212.

grumiofoundation

limpep said:

I opened a Vanguard Stocks and Shares ISA at around May 2019 and would like to open a Stocks and Shares on Trading 212.

So as you have (I assume) contributed to a Stocks and Shares ISA with Vanguard in 2019/2020 tax year you cannot can open and contribute to another stocks and shares ISA with trading 212 until next tax year.

So if you haven't contributed to a Stocks and Shares ISA with Vanguard in 2020/2021 tax year you can open and contribute to another stocks and shares ISA with trading 212 this tax year. If you have contributed to VG this tax year you can't also contribute to Trading 212 S&S ISA. 

edit - corrected

limpep

grumiofoundation said:

limpep said:

I opened a Vanguard Stocks and Shares ISA at around May 2019 and would like to open a Stocks and Shares on Trading 212.

So as you have (I assume) contributed to a Stocks and Shares ISA with Vanguard in 2019/2020 tax year you cannot open and contribute to another stocks and shares ISA with trading 212 until next tax year.

Trying to understanding this. If I have opened the ISA in May of 2019, wouldn't that be within in the tax year of 2019/20?

JGB1955

limpep said:

grumiofoundation said:

limpep said:

I opened a Vanguard Stocks and Shares ISA at around May 2019 and would like to open a Stocks and Shares on Trading 212.

So as you have (I assume) contributed to a Stocks and Shares ISA with Vanguard in 2019/2020 tax year you cannot open and contribute to another stocks and shares ISA with trading 212 until next tax year.

Trying to understanding this. If I have opened the ISA in May of 2019, wouldn't that be within in the tax year of 2019/20?

Yes - you can open another this tax year (2020/21) and another in April (2021/22).

rjmachin

However, you can only contribute (add new money) to a single Stocks & Shares ISA per tax year.
So if you have already added money to your Vanguard Stocks and Shares ISA since April 2020, then you will have to wait until April 2021 before you can contribute money to a new one

limpep

rjmachin said:

However, you can only contribute (add new money) to a single Stocks & Shares ISA per tax year.
So if you have already added money to your Vanguard Stocks and Shares ISA since April 2020, then you will have to wait until April 2021 before you can contribute money to a new one

Would that mean I wont be able to contribute to the Vanguard one, once I've opened a new one in April?

eskbanker

limpep said:

rjmachin said:

However, you can only contribute (add new money) to a single Stocks & Shares ISA per tax year.
So if you have already added money to your Vanguard Stocks and Shares ISA since April 2020, then you will have to wait until April 2021 before you can contribute money to a new one

Would that mean I wont be able to contribute to the Vanguard one, once I've opened a new one in April?

Yes, that's right - for some reason, many seem to think there is a restriction on opening ISAs, but the rule is actually about paying new money into no more than one (of each type) per tax year, regardless of how long they've been open for.

grumiofoundation

limpep said:

grumiofoundation said:

limpep said:

I opened a Vanguard Stocks and Shares ISA at around May 2019 and would like to open a Stocks and Shares on Trading 212.

So as you have (I assume) contributed to a Stocks and Shares ISA with Vanguard in 2019/2020 tax year you cannot open and contribute to another stocks and shares ISA with trading 212 until next tax year.

Trying to understanding this. If I have opened the ISA in May of 2019, wouldn't that be within in the tax year of 2019/20?

Sorry post was meant to be edited but just noticed didn't show up. As post says above restriction is if you have contributed in 20/21 tax year (since April 2020). If you have not you can open and contribute to trading 212 S&S ISA this (tax) year.