Multiple stocks and shares ISAs query

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knack92
knack92 Posts: 464 Forumite
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in ISAs & tax-free savings
A relative has a stocks and shares ISA which they've subscribed to this year and another which they've held for a few years. They want to transfer the holding in the latter to a third, new stocks and shares ISA. Is this ok since it's not a new subscription? Thanks

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  • dunstonh
    dunstonh Posts: 116,530 Forumite
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    ISA allowance is a contribution allowance. Once the tax year starts, the slate is wiped clean. So, you could have 10 different ISA managers over 10 years.

    Your relative may wish to look at consolidating on a platform. If he is buying direct on a non-advised basis, he will almost certainly be paying higher charges than advice. Let alone DIY charges on a DIY platform.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • knack92
    knack92 Posts: 464 Forumite
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    dunstonh wrote: »
    ISA allowance is a contribution allowance. Once the tax year starts, the slate is wiped clean. So, you could have 10 different ISA managers over 10 years.

    Your relative may wish to look at consolidating on a platform. If he is buying direct on a non-advised basis, he will almost certainly be paying higher charges than advice. Let alone DIY charges on a DIY platform.

    Given that their allowance is used up for this year can they open another S&S ISA just to facilitate a transfer in?

    The ISA they've contributed to this tax year is on a platform on an advised basis. I don't know why they don't want to move their shareholding to it as that seems the most logical option - I shall ask. They instead want to open an ISA with Halifax Sharedealing as they already hold a trading account with them and the cost will be lower than their current ISA provider.
  • Alexland
    Alexland Posts: 9,668 Forumite
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    Yes its fine to open as many new ISAs as you like to facilitate transfers provided you only contribute new money into one of each type per tax year.
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