The new ISA rules

[eliayd]

Hi all. Am I right In thinking I can open 2 stocks and shares ISAs and add to both in same financial year after April 2024?
I know I still can’t go over 20k limit.

Yes, that seems to be the new rules, I only found out at weekend but have read a couple of confirmation articles since.

My DS found a HMRC article confirming the change, so maybe google for that.

This is the Which article that I read

https://www.which.co.uk/news/article/ways-isas-are-changing-in-april-2024-a7Cqc3N7yclx

@Vickythevan63
Do you use vanguard. Which index funds do you recommend? I'm a newbie

No, we use Hargreaves, but are looking at moving some of our (adult) kids funds to a cheaper provider.

@Vickythevan63
Did you have junior ISAs for your kids. Do you recommend them?

Yes we did originally, they then automatically became adult ISAs.

@Vickythevan63
Did you kids not want the money at 18? Did they carry on investing when they turned into adult ISAs?

No they didn’t want it, they had money from PT work and luckily are/were sensible enough to realise it would help in the future.

They had a small inheritance from a distant relative that they used to carry on investing. Eldest now has a well paid professional job and is still saving! It will stand him in good stead when he buys a home, same with youngest but she is a few years behind him.

@Vickythevan63 that's Amazing you set your kids up. I want to do the same. It's getting harder for our kids to afford things

@Vickythevan63 also with junior isa
Does each child get a 9k allowance?
Also the rule is you can only add money to one isa for junior per year. Is that for each child? It's not clear. I have 3 kids. Does this mean I can only add to one of them per year

Check the allowance on the HMRC website, that will be up to date.

ISAs are individual, so each child can have a junior ISA and each can be topped up to the maximum allowance each year. So you can add to all 3 each year.

@Vickythevan63 thanks! Which fund do you recommend. Iv heard global index are best?