What does ISA Account reactivation do?

[Raju23]

Hello,

I opened a Stocks & Shares ISA with IG in 2022-2023 tax year and funded it straightaway. I invested part of the money in a Smart portfolio ISA and left the other part for Share Dealing.

I hadn't used the account for a while but needed to withdraw some of the funds last month (Jan/2024). When I logged in, the only way of getting access to the S&S ISA account was to accept and submit a popup to 're-activate' the ISA account. I had to accept it so I could withdraw some of the funds I needed. I still have some cash and still holding the smart portfolio investment from the previous year.

I haven't added any new funds to the IG S&S ISA in the 2023-2024 tax year.

Now I want to open a new Stocks & Shares ISA with a different provider (not IG) in the current 2023-2024 tax year. Will I be okay to do this or will this be a problem because I re-activated my old S&S ISA with IG and withdrew funds from it?

Kindly advise.

Thanks,

Raju.

[KoketsoIG]

10 hours ago, Raju23 said:

Hello,

I opened a Stocks & Shares ISA with IG in 2022-2023 tax year and funded it straightaway. I invested part of the money in a Smart portfolio ISA and left the other part for Share Dealing.

I hadn't used the account for a while but needed to withdraw some of the funds last month (Jan/2024). When I logged in, the only way of getting access to the S&S ISA account was to accept and submit a popup to 're-activate' the ISA account. I had to accept it so I could withdraw some of the funds I needed. I still have some cash and still holding the smart portfolio investment from the previous year.

I haven't added any new funds to the IG S&S ISA in the 2023-2024 tax year.

Now I want to open a new Stocks & Shares ISA with a different provider (not IG) in the current 2023-2024 tax year. Will I be okay to do this or will this be a problem because I re-activated my old S&S ISA with IG and withdrew funds from it?

Kindly advise.

Thanks,

Raju.

Dear @Raju23,

Please note that ISA rules state that you can only pay into a single stock and shares ISA each tax year. You are free to open an additional ISA with a different provider each new tax year, but can only pay money into one.

All the best,

KoketsoIG

[Raju23]

2 hours ago, KoketsoIG said:

Dear @Raju23,

Please note that ISA rules state that you can only pay into a single stock and shares ISA each tax year. You are free to open an additional ISA with a different provider each new tax year, but can only pay money into one.

All the best,

KoketsoIG

Thank you for reviewing my scenarion and confirming that I can open another S&S ISA with a different provider for the 2023-2024 tax year.

When I open the new S&S ISA with another provider, can I also transfer the cash in my IG S&S ISA into that new account? I want to continue to hold the investment in the IG Smart Portfolio ISA though. How do I achieve this please?

[KoketsoIG]

19 minutes ago, Raju23 said:

Thank you for reviewing my scenarion and confirming that I can open another S&S ISA with a different provider for the 2023-2024 tax year.

When I open the new S&S ISA with another provider, can I also transfer the cash in my IG S&S ISA into that new account? I want to continue to hold the investment in the IG Smart Portfolio ISA though. How do I achieve this please?

Dear @Raju23,

Just to clarify, you're looking to transfer the cash out to another broker while keeping the stocks in your Smart portfolio ISA, correct?

Thanks,

KoketsoIG

[Raju23]

Just now, KoketsoIG said:

Dear @Raju23,

Just to clarify, you're looking to transfer the cash out to another broker while keeping the stocks in your Smart portfolio ISA, correct?

Thanks,

KoketsoIG

Yes that is correct.

[KoketsoIG]

1 hour ago, Raju23 said:

Yes that is correct.

Hi @Raju23,

Please note that you can transfer the cash in your stocks and shares ISA to another provider. To do this, please follow the transfer process from your receiving broker and they will contact our transfer team.

Thanks,

KoketsoIG

[Raju23]

44 minutes ago, KoketsoIG said:

Hi @Raju23,

Please note that you can transfer the cash in your stocks and shares ISA to another provider. To do this, please follow the transfer process from your receiving broker and they will contact our transfer team.

Thanks,

KoketsoIG

Okay great, thank you so much @KoketsoIG.