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
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.
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.