Halifax or IWeb

Vladislavs

Hello everyone. Ive got a question about dealing accounts.

In short, im planning to transfer my existing shares from my US based broker account, and im torn between halifax and iweb.
( my investment will be around or less 15k)

As far as i know halifax owns iweb so its basicaly the same service just Iweb quite a bit cheaper?

Halifax - 12.50£ per year and 12.50 per trade + 1.25% FX charge for international shares.

Iweb - 25£ one off opening charge and just 5£ per trade +1.5% FX charge for international shares.

Is it just me or Iweb looks like a bargain? Anything im missing here?

And another thing i wanted to ask, which account will be better, regular share dealing or stocks and shares isa account?

Apart from limit of 15k£ as of 1st of july, anything i will gain with stocks and shares ISA?
MY income wont exceed yearly income allowance for isas.

What about dividends? are they been taxed the same amount on both accounts or not? Since im getting dividends from my US shares, its a reason to choose witch account is better for me.

Thank you!

westy22

iWeb can be excellent value but they have somewhat limited restrictions on what stocks you can buy through them - check carefully that you can buy what you want before you commit

Vladislavs

westy22 wrote: »

iWeb can be excellent value but they have somewhat limited restrictions on what stocks you can buy through them - check carefully that you can buy what you want before you commit

Thanks!
They saying that they are doing international markets, including New York, so i assume all the big companies like apple google etc will be available to trade with Iweb?

TCA

Vladislavs wrote: »

And another thing i wanted to ask, which account will be better, regular share dealing or stocks and shares isa account?

It depends on your personal UK tax situation. Now and in the future.

Vladislavs wrote: »

Apart from limit of 15k£ as of 1st of july, anything i will gain with stocks and shares ISA? MY income wont exceed yearly income allowance for isas.

Again, it depends on your tax situation. Anything within an ISA is sheltered from tax. Not sure what you mean by income allowance for ISAs - there isn't one. The annual allowance is for contributions.

Vladislavs wrote: »

What about dividends? are they been taxed the same amount on both accounts or not? Since im getting dividends from my US shares, its a reason to choose witch account is better for me.

Dividends are taxed the same if you're a basic rate taxpayer. If you pay a higher rate of tax then the ISA is of more benefit.

N.B. The above is based on the fact that you're a UK resident. Are you?

Vladislavs

TCA wrote: »

It depends on your personal UK tax situation. Now and in the future.



Again, it depends on your tax situation. Anything within an ISA is sheltered from tax. Not sure what you mean by income allowance for ISAs - there isn't one. The annual allowance is for contributions.



Dividends are taxed the same if you're a basic rate taxpayer. If you pay a higher rate of tax then the ISA is of more benefit.

N.B. The above is based on the fact that you're a UK resident. Are you?

Yes i am, correct.

So it looks like it will be worthwile to open Stocks and Shares Isa and transfer my US shares to this ISA, ( from my us based broker account) hopefully Iweb will be able to do that.

grey_gym_sock

for shares you already hold, in order to put them in an ISA, you have to sell them and buy them back again. which may or may not be worth the costs involved.

innovate

Not necessarily so - but you might be right if a US broker is involved. You can normally do an 'in specie' transfer if the new provider offers the shares. If they don't, you can't transfer the shares anyway.
http://monevator.com/how-to-transfer-a-stocks-and-shares-isa/

OP, you need to check whether your US shares are allowed in ISAs, and then confirm that you can trade them with the provider you would like to move to.

Vladislavs wrote: »

MY income wont exceed yearly income allowance for isas.

As the shares are not already held in an ISA, you can only transfer in shares to the value of up to the annual allowance (assuming you make no other deposits). Your income (from shares or other sources) has nothing to do with the ISA allowance - it is a fixed £15K this financial year for all eligible adults, and probably will be much the same next tax year. The allowance is for new contributions. The transfer of any shares not held in an ISA already will be a new contribution, and the value will be determined by the market value of the shares on the day of transfer