Transfering an ISA

sukidee

When is the best time to transfer an Isa before or after April?

McKneff

It doesn't actually matter, if you are transferring it to a higher rate, then the sooner the better.

roxannafy48

Have you maxed out your ISA allowance for 2012/2013?

richyg

Does the same thing hold true in that in 2013/14 tax year for example a 2012/2013 or before cash ISA can be transferred as cash into a S&S ISA provider eg Harg Lands.

- if I was looking to purchase some funds say later in the next tax year.



I have searched online and whilst it says a cash ISA can be xferred to an S&S ISA (but not the reverse) it isnt specific in mentioning cross tax year changes.

Maybe this is just related to "new money" which I guess this would not be but wouldnt like to fall foul of HMRC rule - rather have the spanish inquisition - bring on the comfy chair !



Thanks and Regards

RichyG.

DervProf

McKneff wrote: »

It doesn't actually matter, if you are transferring it to a higher rate, then the sooner the better.

It can matter, depending on the level of competence by the two banks.

I have a close relative who experienced 3.5 months of not knowing where her ISA funds were. Both banks denied having the money. It took many, many phone calls and visits to each bank before it was finally resolved. I think the initial excuse was "we've been very busy" (the transfer was initiated in April, and finially resolved in July).

grizzly1911

richyg wrote: »

Does the same thing hold true in that in 2013/14 tax year for example a 2012/2013 or before cash ISA can be transferred as cash into a S&S ISA provider eg Harg Lands.

- if I was looking to purchase some funds say later in the next tax year.



I have searched online and whilst it says a cash ISA can be xferred to an S&S ISA (but not the reverse) it isnt specific in mentioning cross tax year changes.

Maybe this is just related to "new money" which I guess this would not be but wouldnt like to fall foul of HMRC rule - rather have the spanish inquisition - bring on the comfy chair !



Thanks and Regards

RichyG.

You have to transfer the full amount of any in year ISA.

Previous year ISAs can be transferred in whole or in part.

You can only transfer cash to S&S. You cannot transfer S&S to cash.

grizzly1911

DervProf wrote: »

It can matter, depending on the level of competence by the two banks.

I have a close relative who experienced 3.5 months of not knowing where her ISA funds were. Both banks denied having the money. It took many, many phone calls and visits to each bank before it was finally resolved. I think the initial excuse was "we've been very busy" (the transfer was initiated in April, and finially resolved in July).

I have transferred several ISAs and most have gone without trouble, taking less than 4 weeks whether cash or S&S ISAs.

Have only had a problem with 1/8.

innovate

DervProf wrote: »

It can matter, depending on the level of competence by the two banks.

I have a close relative who experienced 3.5 months of not knowing where her ISA funds were. Both banks denied having the money. It took many, many phone calls and visits to each bank before it was finally resolved. I think the initial excuse was "we've been very busy" (the transfer was initiated in April, and finially resolved in July).

Competence doesn't come into it. You won't lose money in an ISA transfer. Most transfers actually happen in a very short timescale, and only a handful go beyond the 15 working days the industry standard allows.

Yes, you do have to keep an eye on whether your money arrives in the new ISA - - no different to moving some of your money from one bank to another yourself.

If your ISA transfer hasn't completed within 15 working days, you simply raise a (written) complaint with the receiving provider, because it's them who are responsible for the transfer. If your money has still not arrived after 8 weeks from your complaint, you take the issue to the FOS. Eventually, you will get all your money, and more.

However, there is literally no transfer these days that hasn't been completed within 15 days. That's all assuming that you filled in the transfer form properly, and that you have proof that the new provider has received the form.