Do I have to wait for next financial year to start another stocks & shares isa on a new platform?
29 July 2021
Question by Mandy
Hi there, I have grown my isa portfolio to nearly 78k and wish to start on another platform elsewhere using what is left of my 20k isa allowance for this year or do I have to wait for next financial year to start another stocks & shares isa on a new platform. Hope you can help on this. Regards Mandy
Answered by Dale Kirkpatrick
Great work on growing your ISA so far!
You can only contribute to one Stocks & Shares ISA in each tax year. Therefore it depends if you have contributed to your current ISA since the beginning of this tax year on the 6th April?
If you haven't, then you can open an ISA with another provider and start contributing to it.
If you have, then you have two options:
1) Wait until the new tax year to open an ISA with a new provider, or
2) You may be able to transfer from your current platform to the new one. Some platforms will give you the option of only transferring this year's contributions - it completely depends on which platform you hold.
Before opening another ISA on a new platform, just check the account fees. Sometimes you get a discount for bigger accounts, and so by holding two smaller accounts versus one big account, you may be paying a higher level of platform fees.
Hopefully this answers your question, but if you want to ask anything else, please do let me know.
Director & Chartered Financial Planner
I’ve been working in Financial Planning since I graduated in 2012. I’ve worked my way up from shadowing a financial planner, working in the admin and paraplanning roles, to being a planner in 2014. After taking a break from exams and starting to work on everything else which is needed to be a financial planner, I then restarted my studies and achieved Chartered Financial Planner status in 2018.