Multiple stocks and share isa

uffa24

It is my understanding that since April 2024 ‘the rules’ allow me to have multiple stocks and shares isa. I would like to start with a lump sum then add regular monthly savings to a managed account but I have had some difficulty finding a reputable platform that will allow me two or more separate funds. I would like to bequeath the contents of the funds to my respective grandchildren. Note:- I am referring to very modest sums that will not come near my tax free allowance or come under the jurisdiction of inheritance tax. Recommendations gratefully received. 

Beddie

Use Hargreaves Lansdown, free to buy funds and invest monthly. Quite high platform fee at 0.45%, but as you are only saving modest amounts that's of little importance. Many other options, but this may work well for you.

uffa24

Thanks for your response, they were my first option but they only allow one stocks and shares isa per person. As do AJ Bell. 

Alexland

uffa24 said:

Thanks for your response, they were my first option but they only allow one stocks and shares isa per person. As do AJ Bell. 

Even if the platform only supports one S&S ISA per person there's nothing stopping you opening another S&S ISA elsewhere provided your total contributions stay within the contribution limit each tax year.

Most S&S ISAs allow you to hold multiple funds in the same account. So you could use different funds for different investment objectives all within the same account.

When iWeb rebrand to Scottish Widows they will still be owned by Lloyds Banking Group and have no ongoing platform fee but will start offering free regular investing into both funds and exchange traded assets and just £5 for an adhoc trades if you ever do them.

jimjames

uffa24 said:

t I have had some difficulty finding a reputable platform that will allow me two or more separate funds. 

I find that very hard to believe. Any platform should allow you to hold two or more separate funds, that's exactly what they are designed to do, I have around 15 different funds in mine. If you mean the same fund in separate pots then that may be a problem. There is no issue having multiple ISAs as long as you are within the £20k annual limit. The rules have always allowed you to have multiple ISAs, just not in the same tax year.

poseidon1

On reading OPs response it looks as if she wants separate individually designated sub accounts within the same ISA platform which of course does not exsist.

Since she wants to bequest identifiable ISA accounts to each grandchild she has no choice other than to set up accounts with different providers ( eg HL, A J Bell etc), invest in the same  investment funds in each and then designate in her will which account is earmarked per child.

Frankly can't see much point going to all this trouble, given that the grandchildren can't inherit the actual ISA accounts, only the cash equivalent of the ISA balances once probate for the estate has been obtained.

Frankly, can't see why she can't  simply established a single ISA account with the grandchildren entitled to equal shares of the ultimate proceeds, or in such proportions as she deems fit.  What is driving the requirement for earmarked individual accounts?

InvesterJones

Or start a couple of junior ISAs? 

DiamondLil

Invest Engine allow multiple pots within an ISA, although investments are limited to ETFs only.

uffa24

Thanks all for your responses.
 It would appear my incorrect terminology may have caused confusion. My query concerns having separate ISAs using the same platform, in the same way that I might open different banks accounts with the same bank, calling them by different names. 

. Alexland- yes you’re right, I can set up separate accounts using different platforms and I may have to resort to that but I was hoping to use one platform for the sake of simplicity. 

JimJames- I also found it difficult to believe, hence my post but I am advised that I can only have one S&S ISA per person, per platform. 

Poseidon1 your understanding of my requirements is correct. Your assumption as to my gender is not but thank you for taking the time to respond. 

Investor Jones - good suggestion, however I’m informed these can only be opened by parents and are not available to grandparents ( unless guardians). 

DiamondLil, thanks, this looks promising but what are EFTs? 

Alexland

I'm not a lawyer but perhaps rather than having multiple accounts you could bequeath % proportions of the ISA bequeath specific funds held within the ISA?

poseidon1

uffa24 said:

Thanks all for your responses.
 It would appear my incorrect terminology may have caused confusion. My query concerns having separate ISAs using the same platform, in the same way that I might open different banks accounts with the same bank, calling them by different names. 

. Alexland- yes you’re right, I can set up separate accounts using different platforms and I may have to resort to that but I was hoping to use one platform for the sake of simplicity. 

JimJames- I also found it difficult to believe, hence my post but I am advised that I can only have one S&S ISA per person, per platform. 

Poseidon1 your understanding of my requirements is correct. Your assumption as to my gender is not but thank you for taking the time to respond. 

Investor Jones - good suggestion, however I’m informed these can only be opened by parents and are not available to grandparents ( unless guardians). 

DiamondLil, thanks, this looks promising but what are EFTs? 

OP apologies for the gender error. An unfortunate assumption.