What happens is I sell a fund from my S&S ISA?

Rob_192

Robie

I have just done exactly what you are describing and it was so easy that I wish I had done it ages ago.

Both my wife and I had Fidelity S&S Isas dating back to 4 or 5 years ago. These were set up through an agent and I suspect one of the reasons our funds were not performing as well as hoped was due to the charges/commission.

Anyway, we both had a HL S&S Isa account which we have been contributing to for the last few years. At the beginning of Aug, I asked HL about transfering the money from Fidelity and they told me where to download the 'bed and Isa' form from their website. I filled these out and sent them off and within 5 days, they had contacted Fidelity, the accounts had been liquidated and the money transfered into our HL accounts. All very impressive. The only problem was then to choose where to invest it and unfortunately I choose to hold over half of it in cash and therefore missed the last fortnight's raly - never mind.

So you need to open a HL account and then get hold of the 'bed and Isa' forms, HL then do the rest. Simples!

R

LongTermLurker

Robie wrote: »

My bad. I meant H-L not A&L :embarasse

I don't know where A&L came from.

Thanks. I will start the process of transferring my funds from Jupiter to H-L from tomorrow. Then sell of all the !!!! and hopefully buy better.

When you transfer to HL, you can choose whether to transfer the ISA as stock, or as cash. If you transfer as stock, HL will hold exactly the same funds as you have at the moment, then you have to sell some and buy some new funds.

However, if you transfer as cash, the cash value of all your Jupiter funds will go into the HL ISA and then you can just buy what you like. If you want to keep most of your current funds, transfer as stock, but if you want to switch most, transfer as cash - either way, you keep your tax free status.

It's an easy process.

yorkiebar

Ditto the above with iii, can transfer in an ISA fund as cash or as the fund itself.

Robie

Thank you all.

I am going to transfer as ISA fund then decide which to sell & what to buy. Only question is, is it wise to put everything with H-L? I suppose the value is not that big (< than 20K) so it should be OK.

le_loup

You won't be. The money will be with each of the investment funds you place it into The money stays in H-Ls hand for a few days, and is held in clients account, not H-Ls account.

DonC

Rollinghome wrote: »

No, money can be transferred from a cash ISA to a S&S ISA but not the other way around. (Probably because whereas all taxpayers gain from the lack of tax on a cash ISA that's not the case with an S&S ISA.)

The most flexible way might be to transfer your fund as it is to a discount broker like Hargreaves Lansdown and then you can move between the funds of different unit trust managers as often you want - all done on line. Just contact H-L and they'll send you the form and transfer the fund across for you.

^

Im in the process of transferring from Legal and General to HL.
Have a look around, as they're offering up to £250 cashback on transfers. I only qualified for £25. Still at least I didnt have to pay for the transfer.

Robie

DonC wrote: »

^

Im in the process of transferring from Legal and General to HL.
Have a look around, as they're offering up to £250 cashback on transfers. I only qualified for £25. Still at least I didnt have to pay for the transfer.

Thanks. I will look into it - any amount is better than nothing :0). At least it would pay for couple of pints.

jayship

Are your funds being held by a fund supermarket like Hargreaves Landsdown or Fidelity Supermarket. If not you may want to transfer them to a company like above and many others who normally do not charge to invest or switch funds. You download an ISA fund transfer form from their website and post it to them. (Ring if u r not sure) They will do all the legwork and takes around 4 weeks. Once the holding is with them u can switch the funds as often as u like without incurring charges in most popular funds. I hope this info is useful.
I am not a FA but familiar with the procedure.

Primrose

I have all my ISA funds invested through the Hargreaves Lansdown "Vantage" scheme and have never worried about them being under one roof as the funds are still invested with individual providers rather than with H-L who merely administer the process and annual statements, etc. It's a simple matter switching from one company's funds to another through this as they handle everything (very promptly too) and confirm the transactions in writing. If you're uncertain about where to invest on a temporary basis, they can also hold some of your money in cash. I'm sure there are other providers offering a similar service and what I like about this system is that handling transfers in this way there's no danger of holdings under the protection of the ISA blanket accidentally being cashed in, in a way that might happen if you tried to transfer ISA funds from one provider to another yourself. I switch ISA funds from time to time through H-L and have never had any problems. I think you can download forms from the H-L website (h-l.co.uk) to switch your existing ISA holdings into their Vantage scheme and they handle everything, contacting the providers, and if necessary transferring your equities to a new provider. I seem to remember that Jupiter make a £25 exist fee charge for each individual fund that you transfer out of.