How many new Stock and share ISAs can I have?

jicms

As I am a relatively new investor could someone please clarify the rules for only being able to open one stocks and shares ISA per tax year.  Does that apply to the platform or the funds. Can I put my £20k allowance into iWeb and split it into two different funds or will it have to be with only one e.g. my Vanguard LS? 

Also if I want to invest further in Vanguard do I add it to my existing holding or will it be held separately in a new one?

Aceace

jicms said:

As I am a relatively new investor could someone please clarify the rules for only being able to open one stocks and shares ISA per tax year.  Does that apply to the platform or the funds. Can I put my £20k allowance into iWeb and split it into two different funds or will it have to be with only one e.g. my Vanguard LS? 

Also if I want to invest further in Vanguard do I add it to my existing holding or will it be held separately in a new one?

The allowance is at the iWeb level. Within the iWeb S&S Isa account you can invest in as many different funds, individual shares etc, that you like.

You can't add more than £20k of new cash to an ISA in one tax year, so if you want to add extra to your investments it will have to be outside of the ISA wrapper. E.g. you could add it to an iWeb general account. 

On a technical point, you can 'open' as many ISAs per year as you like, but you can only put new cash into one of each type up to a combined total of £20k.

jicms

Thank you very much for clarifying this.