ISA sale or tranfer

durali

I had an isa with Aberdeen Unit trust managers. It was a maxi growth isa.


I wanted it to be looked after by an Independant Finacial adviser.


Looking back through paperwork that I'm trying to get rid of I see that this isa was sold then the payment forwarded to another investment company.


Is this good or should it have been transferred. Will I have lost tax benefits.

eskbanker

That's all a bit vague but in order to preserve the tax-free status of the contents of an ISA when migrating from one company to another, this has to be handled as an ISA transfer initiated by the receiving party.

So, is this money in an ISA now and, if so, was it transferred in that way?

Mr.Saver

It depends. If you are nowhere near maximizing your ISA allowance, then take money out of the old ISA and then put into a new ISA doesn't do any harm anyway. In reality this maybe even better, because this process likely will be a lot faster than an ISA transfer, therefore your money don't miss the time in the market.

durali

Thank you for your replies.
The money is still in isas. I think I have this sorted now.