IG for a Stocks & Shares ISA?

[1nvest]

1invest: Thanks for that summary. I was not aware that you could have more than one ISA account across providers. I thought only one was allowed, but this new information raises a lot of possibility. I recently initiated a transfer from HL to IG. I could have let that stay there and have opened another one with IG. Interesting.

1invest: Thanks for that summary. I was not aware that you could have more than one ISA account across providers. I thought only one was allowed, but this new information raises a lot of possibility. I recently initiated a transfer from HL to IG. I could have let that stay there and have opened another one with IG. Interesting.

I don't think 1nvest is correct.
You can have as many ISA's as you want, but you can only pay into 1 of them per tax year.

You are right, the rule is that you can have multiple stocks & shares ISAs but you can only contribute to one of them in the same tax year. If you wanted to split a year's allowance between different accounts the others would have to be a cash ISA, an innovative finance ISA or a lifetime ISA.

Ironjaw, it does seem as though i have this wrong.
looking at HMRC's website, you can have multiple types..ie a cash isa, a stocks and shares isa or you could just have one..so long as the amount doesn't go above the limit for the year
however, and as the others have mentioned HMRC states you can only pay into 1 of each kind in that tax year.

ExampleYou could save £15,000 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.
ExampleYou could save £11,000 in a cash ISA, £2,000 in a stocks and shares ISA, £3,000 in an innovative finance ISA and £4,000 in a Lifetime ISA in one tax year.

I was wrong in being able to pay into multiple share isas, with different providers, in the same year
reading HMRCs more carefully, you could open an IG, open a vanguard In the same year, but you could only pay into one of these in that year, next year you could transfer your amount from vanguard into IG, and then contribute into the IG in that tax year as a transfer doesn't count towards the annual contribution
sorry to give you false hope, and thanks to others for putting me right!

 

[ironjaw]

No worries, and no reason to apologies. We are all learning

 

[Keith M W]

Anyone have experience with, or know anyone using IG for their Stocks & Shares ISA?

I was using Vanguard last tax year, but as I have not paid into it since the start of the new tax year, I am considering opening one with IG so I can be more involved with my investments.

Ive been reading a lot about stocks and I feel much more at home with these than I do with the fast paced world of the FX.
I would like to start investing in individual stocks, as opposed to solely investing with Index Mutual Funds.

Generally speaking, I trust IG.
I am just looking for the input of those who have, or know from those who have an IG Share Dealing account inside their ISA wrapper

Thanks

I have been using ig for many years but have had problems where they have cost me in the past. i also have accounts with 4 other companies, the best being Spreadex but thats for Spread betting. Overall I would say HL are very good and professional unlike IG who hide behind layers of people if you have a complaint. i still have a complaint with them that started back in December and has cost ME £1150 and they wipe their hands of it even though they moved money out of my IsA trading account without my consent. Be careful with IG.

 

[Keith M W]

I don't think 1nvest is correct.
You can have as many ISA's as you want, but you can only pay into 1 of them per tax year.

correct, you can only pay into one of your ISA accounts in the same financial year up to 20K at the moment.

 

[BigDeal]

correct, you can only pay into one of your ISA accounts in the same financial year up to 20K at the moment.

This used to be the case but changed for the 2024/25 tax year. You can open as many as you want and mix cash / stocks and shares to your heart's content, as long as you don't subscribe more than £20,000 in total.

 

[Keith M W]

I stand corrected, I didn't know that. years ago I put money into 2 different accounts and then found out you were not supposed to do that.