Question about swapping Share ISA accounts

musashi10

HI, So I have been using Charles Stanley Direct for my share isa. However, next ISA year I wish to use HL - because they have more funds that i wish to buy.

HL do not have CS listed as one of the platforms that they allow you to transfer from. I also do not wish to use up most of my allowance by selling my Funds from CS then rebuying them in HL.

So I guess my best option is to leave what I have in CS.

My question is, how do I fund the fees going forwards in my CS account - if I am not allowed to fund 2 ISA accounts in an ISA tax year?

Thank you

Linton

musashi10 wrote: »

......
My question is, how do I fund the fees going forwards in my CS account - if I am not allowed to fund 2 ISA accounts in an ISA tax year?

Thank you

Sell some of your investment.

Alexland

musashi10 wrote: »

HL do not have CS listed as one of the platforms that they allow you to transfer from. I also do not wish to use up most of my allowance by selling my Funds from CS then rebuying them in HL.

Have you tried phoning HL to ask if this transfer will be possible?

Alex

Tom99

Are you sure you can't transfer from CS? I can see a list of Fund Providers at HL but not a list of platforms.

jimjames

Tom99 wrote: »

Are you sure you can't transfer from CS? I can see a list of Fund Providers at HL but not a list of platforms.

I agree, I'm not sure a provider would be permitted to choose which other providers they will accept an ISA transfer from

musashi10

Ok, that is a good idea to phone and make sure I cannot transfer the funds.

I got the original info from http://www.hl.co.uk/investment-services/isa/transfer-an-existing-isa - terms and further conditions.

Would be great if I could transfer for sure!

Thank you

Alexland

There is a difference between transfering the investment (shares, funds, etc) in-specie (for free or at a cost) and transfering the ISA which is usually free unless your old provider has an exit fee.

Selling your funds in your existing ISA will not use up annual ISA allowance provided the money stays in the ISA as uninvested cash. However you have time out of the market until you reinvest.

Hope that clarifies,
Alex

musashi10

Thanks Alex.

So just to clarify. I would need to sell my investments in CS and hold as cash prior to next ISA year.

Then I could transfer the cash to HL in the new tax year? and this would not count towards that years' allowance - then I could simply just rebuy..thus only losing out on doubling up on the buy fees (approx)

AirlieBird

The list is who HL say don't have transfer out fees, it's not saying you can't transfer from platforms not on the list.

If you want to transfer shares, investment trusts or holdings with managers not on this list we might still be able to save you money on exit fees; please call our Helpdesk on 0117 900 9000.

To answer your original question, the platform fee for a CSD ISA can be paid from a CSD investment account.

Alexland

musashi10 wrote: »

So just to clarify. I would need to sell my investments in CS and hold as cash prior to next ISA year.

Then I could transfer the cash to HL in the new tax year? and this would not count towards that years' allowance - then I could simply just rebuy..thus only losing out on doubling up on the buy fees (approx)

You are free to leave your S&S ISA with the old provider, sell investments to pay platform fees (if they cannot take payment outside the ISA) and open a new S&S ISA from 6th April.

If you want to move the old account to the new provider you may not need to sell the investments but an in-specie transfer fee would possibly apply from your old and/or new provider. What exactly are you holding at CSD?

Also you can transfer an ISA during the tax year and continue to contribute to it with the new provider until you reach the limit.

Alex.

musashi10

Thank you.

I Currently have

Vanguard S&P 500 ETF
Picet Asset MMT Robotic Funds
Lindsell Train UK Equity Fund
Fidelity Funds India Focus Inc