Transferring s&s isa

Options
adonis10
adonis10 Posts: 1,810 Forumite
Name Dropper First Anniversary First Post Combo Breaker
in Savings & investments
Say I want to transfer from HL to a new provider, am I able to transfer my holdings in the funds I have with HL or would it be a case of transferring cash and having to re-invest within the new providers isa?

Comments

  • soulsaver
    soulsaver Posts: 5,976 Forumite
    Name Dropper First Anniversary First Post
    edited 17 July 2017 at 11:08PM
    Options
    If you want to retain your ISA status you don't do the transfer at all, you ask the receiving platform to organise the transfer.

    You can go to cash & transfer which is usually quickest... and(but) you'll be out of the market while the transfer is effected and will incur fees to buy back.

    Or you can transfer in specie which will take longer than cash with shares... maybe even longer with funds.
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    OP, "it depends".

    Some shares and funds can be transferred as is without being sold (this is called "in specie" as per soulsaver ) others can't.

    It depends on the exact fund. If the provider you are transferring to has the exact same fund available you can. You may though find that your holdings in a particular fund are class T with HL but the new provider oniy has class x or whatever and then you can't and have to sell amd rebuy.
  • jimjames
    jimjames Posts: 17,622 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    Bear in mind that transferring stock with HL will incur a fee per fund. Transfer as cash won't. I think it's £25 each so 10 funds will cost you £250 plus the closure fee
    Remember the saying: if it looks too good to be true it almost certainly is.
  • adonis10
    adonis10 Posts: 1,810 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    soulsaver wrote: »
    If you want to retain your ISA status you don't do the transfer at all, you ask the receiving platform to organise the transfer.

    You can go to cash & transfer which is usually quickest... and(but) you'll be out of the market while the transfer is effected and will incur fees to buy back.

    Or you can transfer in specie which will take longer than cash with shares... maybe even longer with funds.


    yes, I want to retain the ISA status and ideally want to simply transfer the holdings I currently have in VG LS 80 and VG LS 100. They are the only two I hold and the unit price has increased quite a lot since I first purchased so would rather keep what I have as opposed to cashing in and starting again.


    Transfer in specie - do I ask the new or old provider to initiate this process?
  • adonis10
    adonis10 Posts: 1,810 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    AnotherJoe wrote: »
    OP, "it depends".

    Some shares and funds can be transferred as is without being sold (this is called "in specie" as per soulsaver ) others can't.

    It depends on the exact fund. If the provider you are transferring to has the exact same fund available you can. You may though find that your holdings in a particular fund are class T with HL but the new provider oniy has class x or whatever and then you can't and have to sell amd rebuy.
    Vanguard LS 80 and 100 are the two I hold. How would I find out what class they currently are?
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    adonis10 wrote: »
    yes, I want to retain the ISA status and ideally want to simply transfer the holdings I currently have in VG LS 80 and VG LS 100. They are the only two I hold and the unit price has increased quite a lot since I first purchased so would rather keep what I have as opposed to cashing in and starting again.
    You wouldn't be starting again, you would be starting from where you left off.
    You have to consider which would be cheaper, selling your units, transferring as cash and rebuying units on the new platform, with some time out of the market (which may or may not be beneficial); or paying HL's £25 per fund transfer fee.
    Eco Miser
    Saving money for well over half a century
  • badger09
    badger09 Posts: 11,211 Forumite
    First Post First Anniversary Name Dropper
    Options
    adonis10 wrote: »


    Transfer in specie - do I ask the new or old provider to initiate this process?

    Whether you transfer in specie or as cash, you always ask the new ISA provider to arrange the transfer. The same as with transfers from cash ISA to cash ISA, or cash ISA to S&S ISA etc etc
  • soulsaver
    soulsaver Posts: 5,976 Forumite
    Name Dropper First Anniversary First Post
    Options
    adonis10 wrote: »


    Transfer in specie - do I ask the new or old provider to initiate this process?

    New, as stated by all above:)

    Your process is:
    Decide who the new ISA provider is.
    Phone them for guidance if necessary, but..

    Open a S&S Isa with them.

    Ask them to organise the transfer of your existing ISA investments over.

    They'll tell you what they need you to do - fill in forms to say what you have, who with, account numbers, all or partial etc & how you want them transferred & sign authority etc.

    If there's charges from the current provider you'll need to make sure you cover them to your liking.

    Sit back... it can take a while.
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards