Transfer shares from ISA into ordinary share account

c_smith

I currently have a shares ISA and an ordinary share account with Interactive Investor which I will have to transfer quickly to avoid the charges they have agreed to waive.

I am planning on moving to x-o.co.uk, but I don't really need an ISA account any longer due to the values involved.

I am wondering if it would be possible to transfer both the shares in the Interactive Investor ISA and ordinary trading account, into an ordinary trading account with x-o? Is this possible or can I only transfer ISA shares into another ISA share account?

amictus

Hmmm... interesting idea... why didin't I think of this?! I also have some ISA shares which are never going to incur CGT, so this seems like a good way to avoid the X-O ISA account closure fee. They may do this if requested when sending the ISA transfer form. Probably worth ringing to check beforehand.

Could always make use of the commission-free bed-and-ISA offer in the future:

http://www.x-o.co.uk/wp-content/uploads/2011/01/XO-Bed-ISA-2.pdf

c_smith

I emailed x-o last night and got a very quick response this morning.

They have advised that it is possible to do this and all I need to do is submit the transfer form with a cover letter saying I want to transfer my ISA share account into a nominee account, and that I understand I will lose the ISA tax wrapper.

grey_gym_sock

why do you prefer not to be in an ISA? is it because x-o charge a closure fee for ISA accounts, but not for unwrapped nominee accounts? that's the only disadvantage (that i can see) of ISAs with x-o (compared to unwrapped with x-o).

that would make some sense, but there are other options. either pick an ISA provider who doesn't charge extra for ISAs. or do transfer out of the ISA, but get ii to give you share certificates, so no broker can charge you fees for holding your shares.

amictus

c_smith wrote: »

I emailed x-o last night and got a very quick response this morning.

They have advised that it is possible to do this and all I need to do is submit the transfer form with a cover letter saying I want to transfer my ISA share account into a nominee account, and that I understand I will lose the ISA tax wrapper.

Thanks for the update.

grey_gym_sock wrote: »

why do you prefer not to be in an ISA? is it because x-o charge a closure fee for ISA accounts, but not for unwrapped nominee accounts? that's the only disadvantage (that i can see) of ISAs with x-o (compared to unwrapped with x-o).

Yup that's it.

grey_gym_sock wrote: »

either pick an ISA provider who doesn't charge extra for ISAs. or do transfer out of the ISA, but get ii to give you share certificates, so no broker can charge you fees for holding your shares.

I think c_smith is wanting to sell his shares more-or-less immediately and X-O provide the simplest/cheapest way of doing this. Maintaining the ISA status would clearly be the better option for a long-term holding.

steady__eddie

I am in a similar position to the OP, I have a [STRIKE]PEP[/STRIKE], ISA which has been inactive for several years. I have lost interest but kept an eye on the dividends which to my mind have been decent (vod). Now my plan manager (Barclays) are changing the T + Cs and inform me that I need to need to consent to the changes or we will have to part company. I have already posted on here to enquire about my options, I assumed that nominee dealing was cheaper than certificated and that this may be offset by other charges. Then there was the hassle of finding a reputable organisation, can anyone recommend x-o ? My requirements are relatively simple, I am not a day trader and may only deal once or twice a year but currently resent the 80 quid a year that I am currently being charged for sending me a statement once a year.

amictus

steady__eddie wrote: »

I am in a similar position to the OP, I have a [STRIKE]PEP[/STRIKE], ISA which has been inactive for several years. I have lost interest but kept an eye on the dividends which to my mind have been decent (vod). Now my plan manager (Barclays) are changing the T + Cs and inform me that I need to need to consent to the changes or we will have to part company. I have already posted on here to enquire about my options, I assumed that nominee dealing was cheaper than certificated and that this may be offset by other charges. Then there was the hassle of finding a reputable organisation, can anyone recommend x-o ? My requirements are relatively simple, I am not a day trader and may only deal once or twice a year but currently resent the 80 quid a year that I am currently being charged for sending me a statement once a year.

Sounds like the basic X-O service is the kind of thing you're looking for. Can't comment on their service/reliability from personal experience, but I have noted positive comments from other users. They have been discussed quite a lot recently - I don't have any links but you could try browsing through the last couple of weeks' threads or searching. This thread may be a good starting point:

https://forums.moneysavingexpert.com/discussion/comment/42576120#Comment_42576120

Ifts

steady__eddie wrote: »

Then there was the hassle of finding a reputable organisation, can anyone recommend x-o ?

I use X-O and am more than happy with their service, any emails or calls always get answered promptly (long may it continue to be like that!).

X-O.co.uk is a brand name of Jarvis Investment Management Ltd (Jarvis).

Under that brand name Jarvis also offer a simple, low-cost telephone based sharedealing account called Ring395 (fixed £3.95 commission, deal in UK shares), which may be an option for you if you don't buy and sell that often.

https://forums.moneysavingexpert.com/discussion/3965095

c_smith

grey_gym_sock wrote: »

why do you prefer not to be in an ISA? is it because x-o charge a closure fee for ISA accounts, but not for unwrapped nominee accounts? that's the only disadvantage (that i can see) of ISAs with x-o (compared to unwrapped with x-o).

that would make some sense, but there are other options. either pick an ISA provider who doesn't charge extra for ISAs. or do transfer out of the ISA, but get ii to give you share certificates, so no broker can charge you fees for holding your shares.

To be honest, I'm never going to exceed the annual capital gains tax threshold and this is the only reason I can see to keep these shares in an ISA. And I don't want to have to pay the xo closure fee for ISA accounts should circumstances change and I need to move my shares again.