Stocks and Shares ISA

Has anyone found this info on Isa website.

If you open stocks and shares ISA 20k per annum.

But if one individual opens ISA in 2015 with one provider
ISA 2016 another
ISA 2017 another

Then its 20000/3 that he can use during each fiscal year?

Can you elaborate further? I don’t fully understand

Putting money into an ISA
Every tax year you can put money into one of each kind of ISA. The tax year runs from 6 April to 5 April.

You can save up to £20,000 in one type of account or split the allowance across some or all of the other types.

You can only pay £4,000 into your Lifetime ISA in a tax year.

Example
You could save £15,000 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.

Example
You could save £11,000 in a cash ISA, £2,000 in a stocks and shares ISA, £3,000 in an innovative finance ISA and £4,000 in a Lifetime ISA in one tax year.

Your ISAs will not close when the tax year finishes. You’ll keep your savings on a tax-free basis for as long as you keep the money in your ISA accounts.

So if u have 2 stocks and shares ISA in the same year is that OK?

1 Like

@CavanHaganInvesting

Found the answer after a bit of digging but not on gov uk…

How Many ISAs from Previous Years?

Notice that you can open an ISA with a different provider of the same type each tax year. That means that you could have up to twenty ISAs of the same type e.g. stocks and shares ISAs which have accumulated over the years. This can become unwieldy if you have to log in to several websites and use several passwords. Some people choose to transfer old ISAs into a single account for this reason. Just to illustrate how complicated this could get here’s an extreme example.

Example Stocks & Shares ISA History

Provider A ISA Provider B ISA Provider C ISA Provider D ISA
1999 £7000 2004 £7000 2009 £7200 2014 £15000
2000 £7000 2005 £7000 2010 £10200 2015 £15240
2001 £7000 2006 £7000 2011 £10680 2016 £15240
2002 £7000 2007 £7000 2012 £11280 2017 £20000
2003 £7000 2008 £7200 2013 £11520 2018 £20000

In the example above we’ve switched ISA provider every 5 years so that over the 20 year history of ISAs we have accumulated 5 different providers. But in theory you could have chosen a different provider each year and have 20 ISAs!

You can have 2 stocks and share ISAs ‘open’ in one tax year, but you can only deposit into one each tax year, not both

2 Likes

So as we near a new ISA tax year(6th April), who’s searching under the sofa trying to find more pounds to fill up this years allowance, and where is the best place for the 2022/2023 ISA year?

Personally, I have always waited until the end of the ISA year to attempt to fill it up, but sometimes I also leave funds in my GIA if the spread is not helpful or I don’t think I will get close to maximising my CGT allowance.

Anyone going with 212 from the go, or looking elsewhere - InvestEngine/FreeTrade/Dodl/Fidelity/Hargreaves/Vanguard/ii/Nutmeg/Wealthify or somewhere else?

I guess it depends on the users requirements on what they want to hold, or if they need a flexible ISA.

Keen to see others thoughts. Should I just pull the plug and go early with a 212 ISA for next year (@Briscoe)?

2 Likes

I’ve maxed out this year’s. I’ve withdrawn a fair whack of it towards a house deposit but as T212’s Isa is not flexible, I can’t top it up any more which is annoying. I may open next year’s elsewhere because I want to be able to autoinvest rather than do it manually.

1 Like

It’ll be T212 or IB for me. Probably the latter. I’ll keep my existing accounts with T212 but keen to diversify brokers as well as stocks.

HL has my LISA. FT has some GIA but no real benefit to opening an ISA there over T212.

2 Likes

Another general question, and I guess this will be different for everyone. What do we think is a ‘reasonable’ salary to live on, and fill up your ISA at the same time?

Give your own answer first :)

50k

Curious to see what numbers people come up with :upside_down_face:

Got to be north of 50k, otherwise it will become very tricky.

Am inclined to go with T212 provided provided am not hitting the 85k max compensation scheme. Out of curiosity how do these brokers stalk up against each other?

I started investing with HL - £11.95 a pop is hard to swallow personally

I would say you would need 80-90k+, as post tax that would be like 60kish so to invest a third would fill ISA more doable (still hard IMO). If 50k wage then thats 37k post tax, so you are investing over 50% of wage? Fair play if you can but not sure for most people thats feasible with mortgage to pay, bills etc.

Also are you guys also putting enough in your pensions? As that bonus from govt amount surely makes SIPP better than ISA for any long term retirement investments. Great video on it from meangful money youtube: Pension vs ISA - So many people get this WRONG! - YouTube

Not sure if most here are employees or run own business etc, but remember if a ltd company director you can pay pension as a cost to business, reducing tax so usually better to take lower wage if part of wage was just to invest in ISA anyway and just directly into a SIPP.

Equally I am aware this is a trading platform so perhaps I am speaking to wrong crowd :sweat_smile: so ignore me and call me boomer.

2 Likes

Watched that video. Took him a while to get to the salient point - a balance of both is the answer.

Which side you lean towards more will depend on income tax rate, chances of hitting LTA, eligibility for LISA, the age you want to retire, access required at any given time, the desire to spend your money vs leaving it for beneficiaries, who those beneficiaries are (charities for example), and no doubt a bunch of other things I’ve not mentioned

Well it needs to be over 10min long to get the ad money. The vid is just over. :smirk:

Interesting, I didn’t know that :sweat_smile:

1 Like

I’m currently 32k and can fill it.
Mrs is on about that also as a household.

The minimum as time is 8min

3 Likes

QUESTION: Is there a reason for the GGRP etf to not be visible when adding it to an ISA?

Could anybody explain if GGRP etf is not available for an ISA?

Thanks.

I cant remember the exact rules but there criteria for stocks & ETF to be added on an ISA.

If you wild card search on the forum “stocks not on ISA” there are loads of articles written about this already for you read - might require some digging tho

Goodluck

1 Like