Do iWeb allow partial transfers of an ISA?

Warren1989

Looking to transfer 50% of an ISA over to Fidelity and wondering about this please?

Warren1989

Update from support is that partial transfers are not allowed. Only way would be to withdraw some of the money.

Would it ever work if I sold £5k into cash, then just initiated the transfer through Fidelity for £5k cash transfer?

grey_gym_sock

well, iweb's T&Cs - http://www.iweb-sharedealing.co.uk/PDFs/Terms-and-Conditions.pdf - say partial transfers (away from iweb) are allowed:

Transferring your ISA to another ISA Manager

20.24 You can, at any time, transfer:

a. all of your current tax year's subscriptions, the investments bought with those subscriptions, and any income arising on those investments ; and/or

b. some or all of your previous tax years' subscriptions, the investments bought with those subscriptions, and any income arising on those investments.

that is basically a statement of the rules (which apply to all ISA managers) about what transfers are permissible. which implies they will allow any transfer (away from iweb) which is within those rules.

so perhaps iweb support is wrong. i have found their support a bit hit-and-miss. (but they're so cheap! )

Warren1989 wrote: »

Would it ever work if I sold £5k into cash, then just initiated the transfer through Fidelity for £5k cash transfer?

well, that is a partial ISA transfer. how iweb would respond to that, i don't know.

do you want to switch investments, as well as transferring to a different manager? if you do, a cash transfer might be simpler (assuming a partial transfer is possible at all). but if you want to keep the same investments, then a stock transfer is preferable - since who knows how long this will take, if iweb may be uncooperative.