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    I'm interested in managing my own investments. Do I have to transfer my S&S ISA or can I open another one?

    30 July 2021

    Question by Fran

    I have a Cash ISA and a stocks and shares ISA with a Robo investor. I'm interested in managing my own investments. Do I have to transfer my S&S ISA or can I open another one? (This seems a straightforward question but I am really confused by this!)

    Answered by Mark Russel

    Hello Fran

    Thank you for your question which I can hopefully answer for you.

    You can have more than one S&S ISA provider so you would be fine to have your Robo ISA and a new self managed ISA with a different company. What you are not able to do is to make contributions to two different S&S ISA provider in the same tax year. Therefore as long as your existing Robo S&S ISA was taken out in the 2020/21 tax year or before and you have not made any contributions into it since April 6th 2021, then you are fine to open up a new S&S ISA and you do not need to transfer your Robo ISA if you do not wish to do so.

    Just for completeness, you are able to contribute to both a cash ISA and S&S ISA in the same tax year so long as the overall contributions made into both contracts do not exceed the annual ISA allowance of £20,000.

    I hope that the above helps to answer your question.

    Kind regards

    Answered by

    Mark Russel

    Chartered Independent Financial Planner

    I have 22 years’ experience as an Independent Financial Planner, with 8 working for the award-winning firm, True Bearing Chartered Financial Planners. I became a financial planner to help improve the lives of my clients and ensure that by working alongside them that they can achieve their goals and aspirations in life.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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