S&S ISAs

[ferrisbueller]

I am trying to find the most efficient way to manage shares held in an ISA in terms of all the different fees involved. For example, some platforms appear to offer much more favourable terms when it comes to buying and selling US stocks.

I am wondering whether anyone is doing this already and could help with some guidance and benefit of experience. I am struggling to get answers from the platforms' help desks.

Is it possible to have multiple S&S ISAs set up on different platforms (obviously without exceeding the annual allowance)?
If so, is it possible to transfer shares between S&S ISAs whenever you want to?

I know to fund an ISA, you have to put cash in; Bed and ISA and all that. But if the shares are already in an ISA, can they go between ISA wrappers?

For example. I am holding some shares in Google within an ISA. The platform fees to sell are a trading fee, a 1% FX fee, and an unfavourable exchange rate. So selling £10k of shares costs at least £125 for that single trade. A different platfom such as IBKR, could, on paper, reduce that fee significantly and certainly by enough to make the admin burden worthwhile, especially as this could happen several times for buying and selling.
So, can I transfer the shares from Platform A to Platform B to take advantage of the reduced fees?

The simplistic answer is to transfer the whole ISA, but I don't want to do that at the moment.

[mikeiow]

Once money is in an ISA wrapper, yes, you can move it to another provider, & in case it isn't obvious, moving an existing ISA doesn't take anything from the current tax year allowance.
AFAIK it will depend on your provider whether they allow a partial move, but I would expect them to. Never done that.
You can have multiple ISAs in a tax year provided you don't exceed the limits....

[ferrisbueller]

mikeiow said:

Once money is in an ISA wrapper, yes, you can move it to another provider, & in case it isn't obvious, moving an existing ISA doesn't take anything from the current tax year allowance.
AFAIK it will depend on your provider whether they allow a partial move, but I would expect them to. Never done that.
You can have multiple ISAs in a tax year provided you don't exceed the limits....

Thanks. So if I opened another S&S ISA on a different platform with 0 balance (and no funding allowance left for this tax year), I can theoretically just transfer a block of shares across? This is the goal.

ISTR something I ran into 4 or 5 years ago about not being able to fund two different S&S ISAs in the same year, but that could be wrong/outdated now.

[Jon39]

Keep an eye on whether your ISA provider has 'capped fees'.
Some do not, so as your portfolio increases in value, they continue to take ever increasing monthly fees.
You can find some well known names, who do limit their annual fee to about £45.

Therefore at say £750,000 you are only paying a £45 (0.006%) annual fee,
whereas with an uncapped fee provider, it might be £1,875 (0.25%).
Obviously a huge difference.

[mikeiow]

ferrisbueller said:

Thanks. So if I opened another S&S ISA on a different platform with 0 balance (and no funding allowance left for this tax year), I can theoretically just transfer a block of shares across? This is the goal.

ISTR something I ran into 4 or 5 years ago about not being able to fund two different S&S ISAs in the same year, but that could be wrong/outdated now.

I feel like AI is replacing the need for humans to reply

Google AI tells you this (with my bold emphasis):

First open a new ISA with your chosen provider and then complete their ISA transfer form to authorise the move.
Do not withdraw your money yourself, as this will lose its tax-free status. Your new provider will handle the transfer by contacting your old provider to arrange the movement of funds directly.
Steps to Transfer an ISA
1. Choose a new provider and open a new ISA: Research and select a new provider that accepts ISA transfers and open a suitable ISA account with them.
2. Contact the new provider: Inform your new provider that you wish to transfer your existing ISA.
3. Complete the transfer form: Fill out the ISA transfer form provided by your new provider. You'll need to provide details like your name, address, National Insurance Number, and your existing ISA account number and provider's name.
4. Your new provider contacts your old provider: Once the form is submitted, your new provider will initiate the transfer and arrange for your funds to be moved directly from your old ISA to your new one

[ferrisbueller]

Yes, I'd found the above, but this appeared to apply to a full transfer of an ISA, not partial transfer.

[mikeiow]

ferrisbueller said:

Yes, I'd found the above, but this appeared to apply to a full transfer of an ISA, not partial transfer.

So change line one to check they accept partial transfers.

[ferrisbueller]

mikeiow said:

ferrisbueller said:

Yes, I'd found the above, but this appeared to apply to a full transfer of an ISA, not partial transfer.

So change line one to check they accept partial transfers.

Believe it or not, I've done that.