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General ISA Account Info Needed!!


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Hi there,

Sorry still a bit of a novice when it comes to stocks and shares trading,

So I opened up a trading 212 shares ISA account a few months back (less than a year ago)

now in the UK (not sure about USA) you can only open up one ISA Account a year,

I opened but never used a IG shares ISA  since then and have decided to start the process on doing a asset transfer from 212 to IG due to the vast amount of stocks IG hold to 212,

what I am asking is, is this something that would get me in trouble or would the '1 per year rule' only apply if I was to use my IG account and still use my 212 account,

but as I am doing a transfer I am ok and this doesn't apply in this case?

Any light shed on this matter would be most useful!!

Many Thanks

 

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During the transfer process the tax year of when you deposited the money with Trading 212 will be taken into account.  If its in the last financial year then the deposited amount will not affect your allowance for this year. 

You can transfer between ISA providers at any time. You should be able to open another stocks and shares ISA in the same tax year and transfer out of the old one.  HMRC are concerned about you not going above the £20k allowance per year.

 

 

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