Opening a new ISA with Trading 212

šŸ’¬ Trading 212 chat
1

Hello.

I have a question about Stock & Shares ISA.

So, I already have a SS ISA with Vanguard and itā€™s my understanding you can only have one every tax year. Iā€™ve cancelled my direct debit with Vanguard as I want to open a SS ISA with Trading212 in April moving forward.

Would opening one with Trading212 automatically ā€œcancelā€ my Vanguard ISA in April as they open a new one for me every tax year automatically?

Hope this makes sense

Thank you
Ryan

2

Yes.

But it doesnā€™t ā€˜cancelā€™ because Vanguard doesnā€™t open a new one every year. You are allowed to open and contribute to one S&S ISA per tax year. I think you are overcomplicating it. Just open the ISA with T212 come 6th April and stop funding the Vanguard account.

In the tax year after that, if you want to continue with the Vanguard account, just start paying in again and stop all contributions to T212.

HMRC wonā€™t like it if you pay into more than 1 per tax year. That is all.

3

Thanks for that. Maybe I was over complicating :grin:. Yes will just open T212 ISA on April 6th as Iā€™ve now cancelled payments to my Vanguard account. Many thanks for the help!