Site Logo
Site Logo

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

Got a question?We'll put your question to our panel of helpful advisers

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 Scott Gallacher

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

Scott Gallacher

Chartered Financial Planner

The financial services industry often confuses people with jargon. However, I pride myself on my knack for making the complicated understandable.