(United Kingdom) Multiple Stock ISAs?
I have a simple question that I couldn't find the answer to elsewhere: If you hold a stock ISA and reach the FSA protection limit (£50k/individual) in invested monies, is it then okay to (next tax year) open a new stock ISA with another company, to protect your investment - without actually closing the previous one? I presume you would have to inform the previous company that it is no longer your current ISA, though.
Secondly, is this worth doing? As I understand it, the nominee companies are held separately so are only really susceptible to fraud - they can't really go bust.
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It is a very good idea to spread your ISAs over more than one stock broker. However now that a lot of stock brokers charge an admin fee it can get expensive if you use too many.
There is no need to tell your last year’s ISA provider that you are using a different one, however you MUST ONLY pay into one ISA provider in each tax year.
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