Numpty question about Stocks & Shares ISA
Discussion
My wife pays into a Stocks & Shares ISA every month.
We were going to open another one in her name as she doesn't use her allowance up, but then I read this:
"You can only pay into one Stocks and Shares ISA in each tax year, but you can open a new ISA with a different provider each year if you want to."
- Does this mean if you pay in regularly you can only ever have one?
- If you wanted more than one, you would have to cancel the regular payments in tax year 1, and open the new one with a lump sum in tax year 2? Then if you wanted to renew regular payments that would need to be in tax year 3. Is that correct?
Apologies if it's obvious, but I've got to the point where I can't see the wood for the trees....
We were going to open another one in her name as she doesn't use her allowance up, but then I read this:
"You can only pay into one Stocks and Shares ISA in each tax year, but you can open a new ISA with a different provider each year if you want to."
- Does this mean if you pay in regularly you can only ever have one?
- If you wanted more than one, you would have to cancel the regular payments in tax year 1, and open the new one with a lump sum in tax year 2? Then if you wanted to renew regular payments that would need to be in tax year 3. Is that correct?
Apologies if it's obvious, but I've got to the point where I can't see the wood for the trees....
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