S&S ISA Transfers Questions

jem16

sauvignon wrote: »

And that was my Q: to be able to invest elsewhere, i.e. with another provider and in a completely new fund, do I have to transfer the same SSISA I contributed to this tax year (and opened last year)?

Once you contribute to an ISA it becomes the current subscribed ISA. It doesn't actually matter that you originally opened it last tax year.

Or can it be another SSISA I haven't contributed to this tax year?

No it can't a- although there is nothing to stop you transferring that one too.

Basically whatever you have contributed to this tax year must remain in the current ISA. So at least that £1300 must be transferred as that is what you have so far subscribed.

In either case, does it have to be the whole SSISA (with different funds in it) or just some of it?

You can do a partial transfer but you must transfer at least the £1300 you paid in this tax year.

Daniel_Elkington wrote: »

At the end of the year you can only end up with one SSISA.

You can have as many S&S ISAs as you want but only one must be the current subscribed to ISA.

sauvignon

Thank you Jem16, that's very clear and conclusive.

My conclusion: I shouldn't have rushed into this and should have read the advice of kind MSE posters first.

To Colsten: I could have transferred to HL just this year's contribution of £1300 I'd made (to the Charles Stanley SSISA opened last year to invest in Jupiter Merlin) and not the whole of my 1999 BNY Mellon SSISA (Newton Continental European & Newton UK Equity) that I had meant to review for performance for at least 5 years. Any ideas on that?

There will be switching fees but judging by all your replies, I could have done worse.

Many thanks again for all your advice.

colsten

You can just request HL to do an in-specie transfer from CS. CS will probably charge £10 but HL might refund you for this.

You will pay roughly twice as much each year for your S&S ISA at HL than it would cost at CS. This might be worth it if HL have something that CS don't, though with hundreds of funds it's hard to see what that 'something' would be. Unless you believe HL's sales brochure (dressed up as "Investment Times").

sauvignon

Useful information about the fees, thanks. Didn't realise the difference in fees is that significant. People like me just have to follow recommendations in the press and various money websites and HL does seem to be popular. Because of what you say about CS, I think I'm going to leave things as they are and keep my other ISA there. I'll wait for the next tax year to invest more. Maybe my future transfers will be in the opposite direction. Again, with people like me, what often wins is the website. I do everything online and I find CS's investor website quite impenetrable for a lay person, or at least not very user friendly. My additional contribution was kept in cash for 6 months before I realised I needed to "trade" to buy more units in my fund. HL's seems to be better from this point of view. But time will tell.

pathtofreedom

Before you invest any more money or make any more changes you need to do some home work to understand what you're doing. S&S Isas can lose money through both bad investments and fees if you're not careful.

Have a read through this website and get yourself a copy of smarter investing by Tim Hale. The come back here and get more advice on your plan before putting any more money in.
http://monevator.com/category/investing/passive-investing-investing/

jimjames

sauvignon wrote: »

What I wanted originally was invest in a newly launched fund using a special offer by a new provider (HL). When I checked if this was possible, having already contributed to my last year's S&S ISA at the beginning of this tax year, the new provider said no, so I knew I wouldn't make the deadline for the special offer. I could still invest the remainder of this year's tax allowance in the new fund, I was told, but only after the transfer.
..

I hope you haven't fallen for the famous HL marketing material.

I can't think of any new fund only available from them that would merit moving an ISA for when you could invest as of April with new money if you so wished.

If you've applied for their own new fund then make sure you're aware of the charges on it and that there is no benefit from applying at launch.

I do find it rather amusing how HL ramp some new funds at launch yet others are ignored from their HL150 list because they don't have a track record....