2 Questions Regarding ISA Tax Year S&S Isa

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wapow
wapow Posts: 939 Forumite
in ISAs & tax-free savings
Hi Questions from a Simpleton like Me

1,. I opened a Stocks and Shares ISA in Tax Year 2017 -18
I topped up thie shares of the stock in this ISA in 2018 a couple of months ago,. To be honest i shouldve read the rules etc properly.

My question is,. am i now not eligible to open a stocks and shares ISA with another provider for tax year 2018-19? because i purchased a few more stocks in my existing isa of my existing share?

2,. have i done anything to create any issues with my existing S&S isa?

thanks

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  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    You can only pay new money into (no more than) one ISA of each type in any given tax year, so if you've paid into one S&S ISA since 6 April then you can't pay into another one during the rest of this tax year.

    You can keep paying into your existing one, or you could potentially transfer your 2018-19 contributions from the current one to a new one (and pay more into the new one thereafter) but only if both ISA managers allow a partial transfer like that.

    The answer to your last question is no, you haven't done anything to create any issues with your existing S&S ISA, or, to be more accurate, nothing you've posted about causes any issues with it! You could keep paying into it year after year if you wanted, there's no reason to open others unless you choose to....
  • wapow
    wapow Posts: 939 Forumite
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    Ok so hold with me here,.,...

    this isa i have open,. it has one stock on it and ive only paid like 6k into it,.

    can i buy another stock im watching and add 6k to that and it will still be a part of this isa?

    thus tax free gains?

    Thanks :)
    eskbanker wrote: »
    You can only pay new money into (no more than) one ISA of each type in any given tax year, so if you've paid into one S&S ISA since 6 April then you can't pay into another one during the rest of this tax year.

    You can keep paying into your existing one, or you could potentially transfer your 2018-19 contributions from the current one to a new one (and pay more into the new one thereafter) but only if both ISA managers allow a partial transfer like that.

    The answer to your last question is no, you haven't done anything to create any issues with your existing S&S ISA, or, to be more accurate, nothing you've posted about causes any issues with it! You could keep paying into it year after year if you wanted, there's no reason to open others unless you choose to....
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    wapow wrote: »
    Ok so hold with me here,.,...

    this isa i have open,. it has one stock on it and ive only paid like 6k into it,.

    can i buy another stock im watching and add 6k to that and it will still be a part of this isa?

    thus tax free gains?

    Thanks :)
    Yes, you can pay in up to £20K per tax year and once that money is in the ISA (which is just the wrapper) buy what you want with it.

    Having said that, investing in individual stocks is generally considered a risky game for investors with small portfolios, who are typically better served by collective funds to minimise the risk of their investment being wiped out by individual company failures, so you might wish to reconsider how many baskets are best for your eggs and think about funds instead....
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