Trading within an ISA

[sweetcorn]

Can I trade within a Stocks ISA ie. sell one stock and buy another from the proceeds without submitting a new mandate for the current tax year? I bought this ISA 10 years ago and I have an ISA with someone else for the current year..

 

[scose-no-doubt]

You're only allowed to have 1 ISA.

You an only pay in whatever the limit is so all your buys cant exceed 10k or whatever the stocks limit is this year

 

[gedward3]

You're only allowed to have 1 ISA.

You an only pay in whatever the limit is so all your buys cant exceed 10k or whatever the stocks limit is this year

Since when can you only have 1 ISA. You can only have 1 for stocks and 1 for cash of that year but you can invest with different ISA's every year if you want to look at the different investment options the ISA is linked to.
Not sure if ive read you wrong.

Ged

 

[anley]

Yes, as long as all the shares/investments are held within the ISA account you can do whatever you want, buy and sell all day long. But as soon as you withdraw money from the ISA account (to your personal account) that money cannot be replaced.

You can also have (I think) more than 1 ISA account. For example, you might have £20k with TD Waterhouse (the money has been built up over the years) and another account with Barclays. But you cannot deposit more than the yearly allowance, now around £10k for stocks.

Plenty more information online so get searching.

 

[scose-no-doubt]

He said he has one from 10 years ago and another one no? He's only allowed to hold 1 stock ISA. Cumulative value of all purchases in the year cannot exceed 10200 irrespective if sale of shares held within same ISA.

Edit: Sorry I just saw what you lot were getting at. Sorry he could in theory have as many ISA's as he wanted to open up throughout the tax years but he would only get one allowance so it would be pointless.

 

[arabianights]

Actually it would not be pointless at all.

There may be different dealing fees etc.

 

[scose-no-doubt]

then you'd use the one with lowest fees

 

[arabianights]

But what if one had lower fees for FTSE 100 equities, one had lower fees for AIM, one had lower fees to buy at average price over the month...

 

[scose-no-doubt]

get me a job