Stocks & Shares ISA's

Vlad24

Need some advice please.

I have had a mini stocks and shares ISA with the CIS for about 6 years - just monthly contributions starting with £50 and now £100 so have around 5.5K. Still learning (from this great site) but understand that this ISA isn't that great and would like to move on to better investments. Really need advice on what my best options would be. Can these be transferred like Cash ISA's? Or do I just cash them out and start again? Trying to get my head around these discount brokers that everyone here keeps mentioning. Any advice would be greatly appreciated and sorry if they are stupid questions

I have invested the maximum 3K into this and last years cash ISA.

Vlad

kenshaz

Contact the company whose equities ISA you want to transfer to ,they will send you the forms,no problem,simply transfer just like cash ISA transfer. In fact they will welcome you,do some research first ,performances etc DO NOT CASH THEM IN AND START AGAIN ,YOU WILL LOSE TAX RELIEF ,no questions on this forum are stupid.

dunstonh

Trying to get my head around these discount brokers that everyone here keeps mentioning.

If you can pick your own investment portfolio to suit your risk profile, then discount brokers can be a little cheaper than an independent. Apart from that there is little difference.

The CIS only offer their own funds and in the scheme of things, these are expensive and offer little.

Vlad24

Thanks for the advice guys!

Still don't understand it fully. If I transferred the 5.5K to say Squaregain, would I then have to choose various funds to invest the 5.5K into?

Another thing I am not sure about is as I have already invested (pay monthly) in this tax year would I have to wait till next year to do this?

Cheers!

cheerfulcat

Vlad24 wrote:

Still don't understand it fully. If I transferred the 5.5K to say Squaregain, would I then have to choose various funds to invest the 5.5K into?

Yes, funds or shares.

Another thing I am not sure about is as I have already invested (pay monthly) in this tax year would I have to wait till next year to do this?

No, you can transfer a current year's ISA.

Vlad24

Bumping this up again as I still have a few questions.

The CIS Isa seems to be doing quite well at the moment so have not transferred anywhere. As I only invest £100, is it possible to open a new ISA with say HL and invest another £100 in there but still carry on investing in the CIS one?

Basically, I know that I can't invest in 2 cash Isa's in the same year - does the same rule apply to S&S Isa's?

Thanks.

LOST

no 2 maxi isa's with the same identity in the same (ie stocks and shares or cash)

dunstonh

The CIS Isa seems to be doing quite well at the moment so have not transferred anywhere.

Virtually everything has been doing well recently. Even the poor quality funds have gone up. Just not as much as the better quality funds.

cheerfulcat

Vlad24 wrote:

Basically, I know that I can't invest in 2 cash Isa's in the same year - does the same rule apply to S&S Isa's?

Thanks.

Yes, it does. You can only have one current S&S ISA, that is, one to which you contribute.

Vlad24

Ok hopefully the last questions on this matter

I want to transfer my CIS ISA to HL. It says there are 2 different types of transfer - a stock transfer or cash transfer. Would mine have to be a cash transfer as I don't believe HL can manage CIS funds ?

If that is so would that leave me with like a bank account with 6K waiting for me to decide which funds I should invest in?

Finally, if the above is correct should I split the 6k equally between 4 funds as I was thinking of investing £200pm (£50 per fund)?

Thanks so much for your help! :beer:

dunstonh

I want to transfer my CIS ISA to HL. It says there are 2 different types of transfer - a stock transfer or cash transfer. Would mine have to be a cash transfer as I don't believe HL can manage CIS funds ?

Cash transfer.

if that is so would that leave me with like a bank account with 6K waiting for me to decide which funds I should invest in?

Not really. It means you have to pick your replacement funds when you apply. The cash value is sent to HL and they immediately purchase the required percentages into the funds you selected at point of application.

Finally, if the above is correct should I split the 6k equally between 4 funds as I was thinking of investing £200pm (£50 per fund)?

Why 4 funds? Why not 6 or 8? 4 funds isnt much of a diversification and there is no requirement for the monthly contributions to be the same as the transferred funds.