Share Dealing Discussion Area

Middle_Sister

I have my shares and stocks & shares ISA accounts with Halifax and they charge me about £50 a quarter.
I also have a stocks & shares ISA with Hargreaves & Lan who don't charge me anything (unless they take it off automatically).
Can I move my stuff from Halifax to H&L and save myself the £50 every 3 months?

consumer

Middle_Sister wrote: »

I have my shares and stocks & shares ISA accounts with Halifax and they charge me about £50 a quarter.
I also have a stocks & shares ISA with Hargreaves & Lan who don't charge me anything (unless they take it off automatically).
Can I move my stuff from Halifax to H&L and save myself the £50 every 3 months?

You certainly can transfer your ISA to provider of your choice. However, there may be charges associated with it. If you decide to transfer as shares, transfer fees are applicable. Other option is to sell those shares and transfer as cash, and in this case transaction costs will be applicable.

Once you've decided based on either of the two, then contact Hargreaves and ask for a transfer form.

sabretoothtigger

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Blobby8_2

Middle_Sister wrote: »

I have my shares and stocks & shares ISA accounts with Halifax and they charge me about £50 a quarter.
I also have a stocks & shares ISA with Hargreaves & Lan who don't charge me anything (unless they take it off automatically).
Can I move my stuff from Halifax to H&L and save myself the £50 every 3 months?

I use Halifax (free) to hold my shares but not in an ISA ,I cannot envisage making enough profit to benefit from an ISA wrapper. Assuming you have a £200,000 portfolio you would only pay CGT on gains over £10100 (5.05% growth) so to justify £200 pa for an ISA wrapper you would need to achieve growth of £11211 (5.65%) for a basic rate taxpayer to make it worthwhile. Also gains can be used to offset losses and taxes are only levied when the gains are crystalized.
These figures are per person.

Biggles

Blobby8 wrote: »

Assuming you have a £200,000 portfolio you would only pay CGT on gains over £10100 (5.05% growth) so to justify £200 pa for an ISA wrapper you would need to achieve growth of £11211 (5.65%) for a basic rate taxpayer to make it worthwhile

If you didn't think you could beat 5.65% growth, you wouldn't invest in shares anyway.

Blobby8_2

Biggles wrote: »

If you didn't think you could beat 5.65% growth, you wouldn't invest in shares anyway.

I do invest in shares, my portfolio returns 4% yield and currently 10% growth since april, however to return 6% growth year after year would be something of an achievment.(ask a highly paid fund manager)

bearshare

Blobby8 wrote: »

I use Halifax (free) to hold my shares but not in an ISA ,I cannot envisage making enough profit to benefit from an ISA wrapper. Assuming you have a £200,000 portfolio you would only pay CGT on gains over £10100 (5.05% growth) so to justify £200 pa for an ISA wrapper you would need to achieve growth of £11211 (5.65%) for a basic rate taxpayer to make it worthwhile. Also gains can be used to offset losses and taxes are only levied when the gains are crystalized.
These figures are per person.

You cannot accumulate capital gains allowances. So you would have to sell and re-buy your entire £200K portfolio (accumulating dealing charges, market risk) every year to make use of your £10,100 allowance. In an ISA you can just let your gains accumulate over multiple years without worry. So after 10 years, say you have 50% gains (£100K), it is all yours.

Also, Halifax annual charge for stocks and shares ISa is max £100, and H-L is £200 (for shares not funds) so the OP is better off at Halifax.

b

cloud_dog

Middle_Sister wrote: »

I have my shares and stocks & shares ISA accounts with Halifax and they charge me about £50 a quarter.
I also have a stocks & shares ISA with Hargreaves & Lan who don't charge me anything (unless they take it off automatically).
Can I move my stuff from Halifax to H&L and save myself the £50 every 3 months?

HL dont charge if you invest in funds (or something which pays them renewal commission) but why not just transfer it to https://www.iii.co.uk who do not charge at all, or https://www.x-o.co.uk.

HL are expensive to hold stocks.

cloud_dog

Blobby8 wrote: »

I use Halifax (free) to hold my shares but not in an ISA ,I cannot envisage making enough profit to benefit from an ISA wrapper. Assuming you have a £200,000 portfolio you would only pay CGT on gains over £10100 (5.05% growth) so to justify £200 pa for an ISA wrapper you would need to achieve growth of £11211 (5.65%) for a basic rate taxpayer to make it worthwhile. Also gains can be used to offset losses and taxes are only levied when the gains are crystalized.
These figures are per person.

As mentioned to Middle Sister ther are providers who do not charge a management fee at all (iii, x-o, etc).

Couple of other points..... I invest primarilly by an ISA because it saves me a lot of effort on my IR Self Assessment forms re CGT plus higher rate tax payer. Also, income derived from ISAs are excluded from certain calculations/benefits (which may or may not be relevant to yourself).

EDIT: Also, remember the ISA allowance is a use it or lose it offer.

Biggles

bearshare wrote: »

You cannot accumulate capital gains allowances. So you would have to sell and re-buy your entire £200K portfolio (accumulating dealing charges, market risk) every year to make use of your £10,100 allowance. In an ISA you can just let your gains accumulate over multiple years without worry. So after 10 years, say you have 50% gains (£100K), it is all yours.

Some interesting points.

But bear in mind that all the shares in your portfolio aren't going to increase at the same rate. Some may double, triple or more in a year, others may collapse completely. Using your allowance is a matter of juggling the gains and losses, so that you hopefully never crystalise more than £10,100 net capital gains in any year.

This may mean taking some losses to offset the gains, or maybe to just take part profits on a winner.

I've just had a share taken over for cash, for four times what I paid for it, so that is going to give me some hard sums to do come March next year (but it'll be the kind of headache I like!).