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Can I split SA Allowance?

Investment discussion for beginners. Why you should invest your money, get help getting started
angelnorth
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Joined: May 26th, 2020, 5:27 pm

Can I split SA Allowance?

#312427

Postby angelnorth » May 26th, 2020, 5:34 pm

Hello, is it possible for me to split this year's ISA Allowance of 20K between two providers eg opening two ISAs eg. an ISA with 10K with Vanguard and another ISA of10K with another provider? Thank you

gryffron
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Re: Can I split SA Allowance?

#312430

Postby gryffron » May 26th, 2020, 5:41 pm

Hi angelnorth, and welcome.

Each tax year, you can pay NEW money into ONE cash ISA and ONE Stocks&Shares ISA (and ONE LISA). Total subscription of new money <=£20k.

So the answer is yes, but ONLY if they're different types.

You CAN'T pay NEW money into two Cash ISAs or two Stocks&Shares ISAs in the same tax year.

Gryff

Alaric
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Re: Can I split SA Allowance?

#312438

Postby Alaric » May 26th, 2020, 6:07 pm

gryffron wrote:You CAN'T pay NEW money into two Cash ISAs or two Stocks&Shares ISAs in the same tax year.


You don't however need a Vanguard ISA to invest in Vanguard funds.

angelnorth
Posts: 2
Joined: May 26th, 2020, 5:27 pm

Re: Can I split SA Allowance?

#312463

Postby angelnorth » May 26th, 2020, 7:25 pm

Thanks, that's very helpful.


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