Combining Maxi ISAs
steve23144
Forumite 11 Posts
I've got several ISAs from the past 6-7 years with 2 different providers, and was thinking of moving them to HL for a wider selection of funds. However, HL have said all the ISAs will be merged into one account.
1) If I do this, how would I transfer one of the ISAs later on to a new manager outside of HL?
2) What if in the future I wanted to transfer the current ISA? How would I know how much of it was for the current year? Would I have to transfer everything including all previous years?
3) If I would have to move everything, are there other managers who allow you to hold the different years' ISAs separately?
1) If I do this, how would I transfer one of the ISAs later on to a new manager outside of HL?
2) What if in the future I wanted to transfer the current ISA? How would I know how much of it was for the current year? Would I have to transfer everything including all previous years?
3) If I would have to move everything, are there other managers who allow you to hold the different years' ISAs separately?
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Both my current providers allow me to see each ISA separately, but being green I don't know if this is usual practice or not.
Do you actually want to keep the ISAs separate? AFAIK, most self-select providers will merge past years so if you want to keep them apart you'll need to have them with different providers.
1. You can do a partial transfer-out from HL of any previous years money.
2. You can transfer the current years subscription in the current year. You'll know how much is current year because you put the money into it in the current year! Subtract this years subscription from the total ISA funds and you'll have the maximum amount you can transfer out partially, of course you can transfer the lot if you wish.
3. You don't have to and it doesn't matter, you can divide previous years ISA subscriptions how you wish as long as the provider allows it.
Hope that helps
If I wanted to switch to a fund that HL did not hold, would I be able to switch X% of the total to a new provider? If so, this would definitely be simpler than X% of six separate ISAs.
How does the merging of the past and present tax years work? Can I transfer just my present year's ISA (2007-8 as it will be) to someone else, if it's mixed in the same account as the previous years?
Thanks, this is the bit I'm struggling with.
If I subscribe £3,000 in the new tax year, and partway through I transfer, I can only transfer £3,000 no matter how much the funds have risen? What if it's fallen?
Would I have to factor in the various rises/falls?
5x 7000 =
1x 35000 =
The answer is the same. It makes no difference apart from admin.
You transfer the value not the £3000.
ISAs are a contribution allowance not a value based allowance.
You can transfer all of the current year money but not part of it, because you're only allowed to have one active ("subscribed") ISA of each type each year. Once you've done the transfer all additional payments in the current year would have to be to the new provider, not to h-l. So you'd probably find it better to use past year money to buy things h-l doesn't sell.
It's more convenient to merge prior years because that lets you switch money around without having to deal with part of it being in one pool and part in another. You can transfer any amount of money from past years, with no restriction on what percentage it is.
So that means I'd have two accounts, one for the current year, and one for all previous? This makes sense.
It was the admin point of view I was interested in - two accounts seems better since the rules are different.
It was the value of the current ISA that was bothering me because even if the account rose (or fell) by X% as a whole, it doesn't mean my current ISA would have, since the funds in it might not be representative of my entire account.
I sent off the forms to get the ISAs transferred. HL have written back to say it'll be two weeks to get everything sorted, so all looking good.
Thanks again.