Switching HL to Vanguard

henryandmay
henryandmay Posts: 54 Forumite
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in Savings & investments
Hello,
I'm currently helping my sister who is newly divorced sort her finances out.

She has a S&S Isa with H&L which shes hasn!!!8217;t used for over 2 years but she does have some shares in an individual company in there.

She is wanting to open a Vanguard Life strategy 80 via Vanguard and hold it in a S&S ISA with them but from my understanding you can only have one S&s ISA so if she switches, what happens to the shares she holds in her H&L isa. Can you transfer these or does she have to sell?

Thanks in advance.
Hen.

Comments

  • eskbanker
    eskbanker Posts: 30,911 Forumite
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    henryandmay wrote: »
    from my understanding you can only have one S&s ISA
    No, the rule is that one can only pay new money into one ISA of each type in any given tax year, so there's nothing stopping her from opening a new S&S ISA with Vanguard without affecting the HL one (as long as the latter only holds prior year contributions), no switch needed....
  • ColdIron
    ColdIron Posts: 9,011 Forumite
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    You can only contribute new money to one investment ISA in any financial year but you can have as many ISAs as you like. She can leave her shares as they are with HL
  • henryandmay
    henryandmay Posts: 54 Forumite
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    Super. All makes sense.
    Thanks.
  • MallyGirl
    MallyGirl Posts: 6,610 Senior Ambassador
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    whether she should tie her money up in a single share is a different question
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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  • xylophone
    xylophone Posts: 44,336 Forumite
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    She could always consider selling the shares in HL and transferring the ISA to Vanguard?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    edited 9 August 2018 at 3:08PM
    Just to correct your terminology she'll be wanting to open a Vanguard ISA that contains a vanguard fund which is this case would be Vanguard Life Strategy 80. (Rather than "opening' a VlLS80) She'll also need to decide if she is buying the income or accumulation version. If she just wants growth take the accumulation.

    Also note that you can only hold Vanguard funds in a Vanguard ISA. What are the plans for the single company shares ?
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