The Lemon Fool

I've not read or seen much about the new rules that allow you to use more than one broker.

So in the new tax year can I stick £5k in II, Iweb, HL and AJ bell

Gerry557 wrote:I've not read or seen much about the new rules that allow you to use more than one broker.

So in the new tax year can I stick £5k in II, Iweb, HL and AJ bell

I don't think that I would. That will incur 4 sets of charges. If you already had an ISA with each, then there might be an argument for it. Even with two accounts, there are always problems with money being in the wrong place. It was a blessing when we were finally allowed to amalgamate PEPs and ISAs.

TJH

tjh290633 wrote:

Gerry557 wrote:I've not read or seen much about the new rules that allow you to use more than one broker.

So in the new tax year can I stick £5k in II, Iweb, HL and AJ bell

I don't think that I would. That will incur 4 sets of charges. If you already had an ISA with each, then there might be an argument for it. Even with two accounts, there are always problems with money being in the wrong place. It was a blessing when we were finally allowed to amalgamate PEPs and ISAs.

TJH

But that doesn't mean that you can't! My understanding is that you can do exactly that. And as I already have holdings with several brokers, both in ISA and general investment accounts, I will find it very useful as I complete moving holdings from the latter to the former, as I have a number of rump holdings that were slightly over the £20,000 limit.

Gersemi wrote:But that doesn't mean that you can't! My understanding is that you can do exactly that. And as I already have holdings with several brokers, both in ISA and general investment accounts, I will find it very useful as I complete moving holdings from the latter to the former, as I have a number of rump holdings that were slightly over the £20,000 limit.

My understanding is only one stocks and shares ISA per year. You can split £20k between a cash and a shares and a lifetime ISA each year with an innovative finance ISA for fun. Where did you get your understanding from? I looked on www.gov

kempiejon wrote:

Gersemi wrote:But that doesn't mean that you can't! My understanding is that you can do exactly that. And as I already have holdings with several brokers, both in ISA and general investment accounts, I will find it very useful as I complete moving holdings from the latter to the former, as I have a number of rump holdings that were slightly over the £20,000 limit.

My understanding is only one stocks and shares ISA per year. You can split £20k between a cash and a shares and a lifetime ISA each year with an innovative finance ISA for fun. Where did you get your understanding from? I looked on http://www.gov

https://www.gov.uk/government/publications/tax-free-savings-newsletter-11/tax-free-savings-newsletter-11

or https://assets.publishing.service.gov.uk/media/6568909c5936bb00133167cc/E02982473_Autumn_Statement_Nov_23_Accessible_Final.pdf sections 5.38 onwards

or more readably: https://www.which.co.uk/news/article/ways-isas-are-changing-in-april-2024-a7Cqc3N7yclx

tjh290633 wrote:

Gerry557 wrote:I've not read or seen much about the new rules that allow you to use more than one broker.

So in the new tax year can I stick £5k in II, Iweb, HL and AJ bell

I don't think that I would. That will incur 4 sets of charges. If you already had an ISA with each, then there might be an argument for it. Even with two accounts, there are always problems with money being in the wrong place. It was a blessing when we were finally allowed to amalgamate PEPs and ISAs.

I agree. It took me many years to be able to finally consolidate my PEPs and ISAs into a single account with just one flat monthly fee.

Given that I have separate taxable and pension accounts as well, I do not want the complication of a number of smaller ISAs.

kempiejon wrote:My understanding is only one stocks and shares ISA per year. You can split £20k between a cash and a shares and a lifetime ISA each year with an innovative finance ISA for fun. Where did you get your understanding from? I looked on http://www.gov

It is changing from 6 April. You can open multiple ISAs of the same type in the same tax year, but the overall 20k limit remains in place.

In checking this, I note that you will have to be 18 to have a cash ISA, so they have closed the window in which at 16 and 17 you could have a 20k cash ISA and a 9K JISA. That snuck under my radar.

genou wrote:

kempiejon wrote:My understanding is only one stocks and shares ISA per year. You can split £20k between a cash and a shares and a lifetime ISA each year with an innovative finance ISA for fun. Where did you get your understanding from? I looked on http://www.gov

It is changing from 6 April. You can open multiple ISAs of the same type in the same tax year, but the overall 20k limit remains in place.

In checking this, I note that you will have to be 18 to have a cash ISA, so they have closed the window in which at 16 and 17 you could have a 20k cash ISA and a 9K JISA. That snuck under my radar.

Well that past me by. Thank you.

mc2fool wrote:or https://assets.publishing.service.gov.uk/media/6568909c5936bb00133167cc/E02982473_Autumn_Statement_Nov_23_Accessible_Final.pdf sections 5.38 onwards

1.4 Allow Long-Term Asset Funds (LTAFs) and other funds with extended redemption periods to be permitted investments in an innovative finance ISA

LTAFs?

The Long-Term Asset Fund (LTAF)

https://www.farrer.co.uk/news-and-insights/the-new-long-term-asset-fund-ltaf-final-rules-and-guidance-published/

A new misselling opportunity being set up?

It's a small but beneficial rule change with no downside.

I'm waiting for brokers to confirm they will allow it though. I'm not sure if it is compulsory for them to allow it?

tjh290633 wrote:

Gerry557 wrote:I've not read or seen much about the new rules that allow you to use more than one broker.

So in the new tax year can I stick £5k in II, Iweb, HL and AJ bell

I don't think that I would. That will incur 4 sets of charges. If you already had an ISA with each, then there might be an argument for it. Even with two accounts, there are always problems with money being in the wrong place. It was a blessing when we were finally allowed to amalgamate PEPs and ISAs.

TJH

I'm not asking why I should or shouldn't just if I can or is there something that prevents me.

Thanks for the links. I'm glad it's still on.

I suppose I just need to make a note of how much I've stuck in the ISA myself now, so that was twenty grand in four brokers, oops £80k

I assume those amount left to pay ISA boxes will get removed.

Gerry557 wrote:Thanks for the links. I'm glad it's still on.

I suppose I just need to make a note of how much I've stuck in the ISA myself now, so that was twenty grand in four brokers, oops £80k

I assume those amount left to pay ISA boxes will get removed.

Thanks for pointing it out. I missed it and as I usually fill my ISA at the front end of each tax year wouldn't have considered it. I have 3 providers so it might suit me to split a new allowance between them.

kempiejon wrote:

Gersemi wrote:But that doesn't mean that you can't! My understanding is that you can do exactly that. And as I already have holdings with several brokers, both in ISA and general investment accounts, I will find it very useful as I complete moving holdings from the latter to the former, as I have a number of rump holdings that were slightly over the £20,000 limit.

My understanding is only one stocks and shares ISA per year. You can split £20k between a cash and a shares and a lifetime ISA each year with an innovative finance ISA for fun. Where did you get your understanding from? I looked on http://www.gov

Since the overall aim is to at least try to keep up with inflation, I haven't added to my meagre cash ISAs for many years, and use fixed interest accounts for most cash savings. But for innovative finance ISAs, I use the Triodos platform: https://www.triodoscrowdfunding.co.uk/ but only for the ISA bonds. So far, so good.


Steve