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    I want to open a stocks and shares ISA for my son but he already has one. Can I still go ahead and open another one?

    18 January 2022

    Question by Ozu

    My son is at Uni and I want to open a stock and shares ISA for him. However, just discovered he already opened one himself and has about £2k in there. So can I still go ahead and open another one for him?

    Answered by Boring Money

    You can hold more than one Stocks and Shares (Investment) ISA. However, you can only pay into once Stocks and Shares ISA per tax year.

    Hence, if your son hasn't paid into his Stocks and Shares ISA this tax year then you can pay into another Stocks and Shares ISA for him.

    However, if your son has paid into his Stocks and Shares ISA this tax year, you have two options:

    1) Pay into that ISA (subject to the £20,000 contribution limit), or
    2) He can transfer that ISA into your preferred ISA and then you can contribute to that new ISA.

    Answered by

    Boring Money

    Here to help you understand your options and make smart money choices.

    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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