Going through my accounts this morning I realise, by mistake, I've been paying into 2 separate stocks and shares ISA's this tax year, am I going to get into trouble? I've had a standing order set up into a Vanguard S&S ISA for a while, nominal amount of £200/mth, which I'd forgotten about. At the same time I've been paying into an Ajbell S&S ISA on an ad-hoc basis. The long and short is in total I've paid in £18500 or thereabouts this tax year, so under the annual £20k allowance, albeit split between accounts.
Anyone had similar? Presume its a. Cancel the standing order, and B. Call HMRC to explain? What are they likely to do?
If this is the first time it's happened you will be fine. Worst outcome is you have to pay the tax on interest earned in the tax year and I would think that's only if you haven't gone over your personal savings allowance.
Give them a call and see what they say.
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I always thought if you stayed below the limit you could have as many as you wanted but I could be wrong.
Call an unrelated third SS ISA provider and say you already have £10k in one provider this year and you're thinking about opening one with them for the other £10k of your allowance before April, see what they say.
You can apply to open as many as you want but can only fund one type in any tax year.
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Interesting, so you can fund 10 x S&S ISA's but couldn't fund 9 x S&S and 1 x LISA, for example?Originally Posted by r.dawson
No, one of each type max.
Don't just do something, sit there. - TNH
You can only fund one type but you can open as many as you like.
Depends on what you class as open. Some financial providers won't class an account as open until it's funded.
Not that it matters as in certain circumstances a financial provider will close a non funded account
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You’ll probably hear nothing as you have not actually oversubscribed but if you do it will be a letter in the new tax year warning you not to do it again.
No, you can fund all four types in one year.
https://www.gov.uk/individual-savings-accounts
Don't just do something, sit there. - TNH
It might be semantics, you could open 2 cash ISAs and 2 stocks and shares ISAs in one tax year but you may only fund 1 of each of them.
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OP has a S&S ISA so don't think the interest element is applicable. If he made substantial capital gains then I would've thought that the gain on one ISA would be subject to CGT (if not covered by allowance)?
HMG has the complete answer.
https://www.gov.uk/individual-savings-accounts
Don't bother trying to phone HMRC at the moment.
If you have a Government Gateway acount then send them a message if you like.
As long as you are below the £20k then I doubt they'll care.
I hope not, I've paid into two S&S ISAs as well, although I'm well below the max in total.
I'm pretty sure you can have as many as you like as long as you don't go over the 20k contribution limit
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Transfer the Vanguard one into AJBell. You can buy the same Vanguard products in AJ Bell if you like them. The housekeeping may then clean up your situation before the end of the tax year when the providers will be notifying HMRC.
This has already been addressed several times upthread.
Yes, you can have as many as you like, but you may not pay into more than one of the same type in any given tax year.
Aren't you likley to end up paying higher charges doing that? I can't see the sense of holding any Vanguard product via another platform when you can hold them directly with Vanguard.
Not for the OP’s circumstances but there is most definitely a case for holding VG funds elsewhere, as already explained.
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