transferring stocks and shares isa
Discussion
If you opened (or have put money in) the ISA in the current tax year you would have to transfer it.
If you opened it in a previous tax year and have not put any money into this tax year you can leave it where it is and open a new one.
The rule is that you can only contribute to one S&S ISA in any given tax year.
The transfer time process varies with each provider, most do it in a week or two, some can take a few months. You generally stay in the market until just before the transfer completes though.
If you opened it in a previous tax year and have not put any money into this tax year you can leave it where it is and open a new one.
The rule is that you can only contribute to one S&S ISA in any given tax year.
The transfer time process varies with each provider, most do it in a week or two, some can take a few months. You generally stay in the market until just before the transfer completes though.
OP might wish to consider having the existing ISA investments "re-registered" from former provider to new provider to avoid any sale of the existing investments, and then top up with the new provider.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
rockin said:
OP might wish to consider having the existing ISA investments "re-registered" from former provider to new provider to avoid any sale of the existing investments, and then top up with the new provider.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
Surprised Julian didn't mention this.
OP check with new provider what their transfer IN fees are as these can vary between platforms, also worth checking if your existing provider(if it's a platform they maybe using a 3rd party holdings firm which is actually the same as your new provider which further streamlines re registration) and if you are using a IFA keep an eye on any additional fees that might be added.
aka_kerrly said:
rockin said:
OP might wish to consider having the existing ISA investments "re-registered" from former provider to new provider to avoid any sale of the existing investments, and then top up with the new provider.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
The availability of this is likely to depend on the particular providers involved and the nature of the investments.
Surprised Julian didn't mention this.
OP check with new provider what their transfer IN fees are as these can vary between platforms, also worth checking if your existing provider(if it's a platform they maybe using a 3rd party holdings firm which is actually the same as your new provider which further streamlines re registration) and if you are using a IFA keep an eye on any additional fees that might be added.
It all happens within the ISA wrapper itself.
aka_kerrly said:
True, I was thinking in terms of selling your existing holdings and repurchasing potentially incurs initial fund manager charges , granted it may only be 0.5% but a cost nonetheless.
Most funds these days do not have an initial charge, but if you have one that does then, yes, this is a good point! JulianPH said:
If you opened (or have put money in) the ISA in the current tax year you would have to transfer it.
The transfer time process varies with each provider, most do it in a week or two, some can take a few months. You generally stay in the market until just before the transfer completes though.
That's helpful - I didn't know this. I'd assumed it's more common to liquidate holdings before initiating a transfer. Would the transferring ISA tell me when they're about to liquidate - I'm nervous (probably unjustifiably!) about losing control of the timing, but then I'm thinking in terms of stocks & shares ISAs which inevitably will be more volatile than funds.The transfer time process varies with each provider, most do it in a week or two, some can take a few months. You generally stay in the market until just before the transfer completes though.
Must say, had a hideous experience with Barclays ISA a couple of years ago when they still managed to take two months to make a partial transfer of cash to another ISA. Not keen to repeat the experience but looks like I will have to just to get money out of Barclays' expensive clutches (and a deplorable platform that times out after just 5 mins inactivity).
millen said:
That's helpful - I didn't know this. I'd assumed it's more common to liquidate holdings before initiating a transfer. Would the transferring ISA tell me when they're about to liquidate - I'm nervous (probably unjustifiably!) about losing control of the timing, but then I'm thinking in terms of stocks & shares ISAs which inevitably will be more volatile than funds.
Must say, had a hideous experience with Barclays ISA a couple of years ago when they still managed to take two months to make a partial transfer of cash to another ISA. Not keen to repeat the experience but looks like I will have to just to get money out of Barclays' expensive clutches (and a deplorable platform that times out after just 5 mins inactivity).
Unfortunately not. They just do things in their own time frames and don't let you know what is happening. Basically you cease to become important to them.Must say, had a hideous experience with Barclays ISA a couple of years ago when they still managed to take two months to make a partial transfer of cash to another ISA. Not keen to repeat the experience but looks like I will have to just to get money out of Barclays' expensive clutches (and a deplorable platform that times out after just 5 mins inactivity).
Barclays are, indeed, a nightmare when it comes to this.
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