Transferring previous year's cash isa to S&S isa

Not sure but I think you'd have to transfer to your existing S&S ISA as you're only allowed to contribute to 1 per tax year. Either that or wait until April to do the transfer.

chockydavid1983 wrote: »

Not sure but I think you'd have to transfer to your existing S&S ISA as you're only allowed to contribute to 1 per tax year. Either that or wait until April to do the transfer.

A transfer is not a 'contribution'. So you can transfer previous years' contributions into one or more S&S ISAs while making this year's contributions to a different S&S ISA.

I use Iweb.
Monevator and Snowman among others maintain lists of brokers so you can choose one to fit your circumstances.

cuthbertlilly wrote: »

Hi all,
I have a lump-sum in a cash isa which consists of previous year's ISA contributions.

Can I transfer this balance to a S&S isa at a fixed-fee platform i.e. iweb, Halifax? (just to sit there with no further contributions this tax year), even though I've got a S&S isa for 17/18 tax year that I'm currently contributing to with monthly drip-feeds.

greenglide wrote: »

Yes. You can move a cash ISA which is not current year contributions to "any" S&S ISA, irrespective of whether the ISA you are moving to has current year contributions in it.

Eco_Miser wrote: »

A transfer is not a 'contribution'. So you can transfer previous years' contributions into one or more S&S ISAs while making this year's contributions to a different S&S ISA.

Just to be clear YOU (OP) can't transfer your previous years' cash ISA into any S&S ISA without losing its tax free status. You must ask IWEB, or whichever S&S ISA provider you decide on, to do the transfer for you.

I'm sure you know this, but others might not;)

My fixed fee SIPP is with Halifax SD and they seem OK. Its a buy and hold £120k Vanguard LifeStrategy 80 investment (with a £12 monthly direct debit +25% bonus to cover the £180 SIPP fee). The main thing for me is the platform fee works out at 0.15% which should reduce (even if Halifax increase their fee to follow inflation) to around 0.10% if the fund accumulates in the next 10 to 15 years.

If anything the outdated user interface makes me less likely to want to logon everyday and high trade cost (alright £12.50 each way not that high compared to the downside of being invested in the wrong funds but I am tight and other platforms are cheaper) and risk of having to talk to their customers services makes me less likely to change anything which is probably a good thing. I am probably just going to leave it alone for 25 years and start reducing my risk in my other pension by directing future contributions.

The only challenge you may face keeping old ISAs in Halifax SD is occasional trade costs (as you cannot contribute more into the ISA) to sell units to pay ongoing fees. It might be worth checking with Halifax SD to see if you can pay the annual fee outside the ISA wrapper.