Stocks and shares ISA / OEICs

Lumos28

Hi, I am wishing to set up a stocks and shares ISA but I already have an OEIC. Can I have both at the same time?

I haven't transferred any money into my OEIC over the past couple of tax years, I simply have it open for investment growth. However I intend to have a stocks and shares ISA to pay into over the next couple of years, so I will be paying into this account.

Thanks in advance for any help.

eskbanker

Lumos28 said:

I haven't transferred any money into my OEIC...

What does this actually mean?

OEICs are a type of investment rather than a type of account, i.e. they're not alternatives to S&S ISAs and you'd often buy OEIC units within a S&S ISA.  Which OEIC(s) do you hold and via which platform and account type?

Edit: should have added that the short answer is likely to be 'yes', i.e. if you don't already have a S&S ISA then there shouldn't be anything stopping you from opening one now (unless you live abroad, etc), but it's rarely a good idea to be investing at all if you're not familiar enough with the correct terminology....