2 Stocks and Shares ISAs in a year

valiant24

On 6th April I opened a Stocks and Shares ISA with Vanguard, fully funded it, and spent the £20k on VGOW.
 
Today I opened a new Stocks and Shares ISA with iWeb.   I didn't fund it, but I plan to transfer in from two old (that is, previous years') Stocks and Shares ISAs, from EQi and Embark respectively.

So far as I can see this is perfectly in order: you can open a second Stocks and Shares ISA so long as you don't exceed the £20k allowance.   But I'm slightly nervous: the sums in the 2 ISAs I plan to transfer total several hundreds of thousands of pounds, and I really don't want to put the ISA protection at risk.

I had it in my mind that I read on this forum that you couldn't open multiple Stocks and Shares ISA in one year in any circumstances.   But I've searched in vain so maybe I dreamed it .....

underground99

valiant24 said:

I had it in my mind that I read on this forum that you couldn't open multiple Stocks and Shares ISA in one year in any circumstances.   But I've searched in vain so maybe I dreamed it .....

You can't *subscribe new money* (i.e. contribute new money from outside an ISA into an ISA) in excess of £20k a year, and you can't end up with *current year* ISA subscriptions in two different S&S ISAs, because you are only allowed to have one of each type of ISA (e.g. Cash ISA or S&S ISA) containing current year money.

But it's absolutely fine to move your *previous year ISA money* into whichever combination of S&S ISA or Cash ISA products you like.

So despite having £20k of S&S ISA new money subscriptions in a Vanguard ISA, you can move your old cash or S&S ISA money to Vanguard, IWeb or anywhere else, whether those Vanguard or IWeb ISAs are ones you opened this year or or in some other year.

valiant24

underground99 said:

So despite having £20k of S&S ISA new money subscriptions in a Vanguard ISA, you can move your old cash or S&S ISA money to Vanguard, IWeb or anywhere else, whether those Vanguard or IWeb ISAs are ones you opened this year or or in some other year.

Thanks.  This was my reading of the rules too.  You don't have any definitive links, do you ...?

Albermarle

Thanks.  This was my reading of the rules too.  You don't have any definitive links, do you ...?
I do not have a link but if you look back through the forum the same question has been asked numerous times , with every time the same answer.