Cheque from Virgin stocks and shares ISA

el_wise

Hello
I wanted to move the funds of my Virgin stocks and shares ISA but the only option they gave me is to issue a cheque.
I haven't cashed it in yet but I wonder now if this will affect my personal tax at all. Is this the case? 
Is it possible to use this cheque to open another ISA?
Thanks

eskbanker

Receipt of the cheque won't incur tax, although if you subsequently earn interest from that lump sum once in a non-ISA account then that interest would be liable to income tax (albeit you'd only actually pay tax if you exceeded your annual personal savings allowance).

You'd need to check with your new ISA provider if they'd accept a cheque issued by another provider and made payable to you - I suspect they won't but there's no particular reason to do that anyway, is there?  Remember that you only have £20K annual ISA allowance to work with, as you've taken the money out of the ISA shelter rather than preserving its status via a direct transfer between ISA providers....

dunstonh

I wanted to move the funds of my Virgin stocks and shares ISA but the only option they gave me is to issue a cheque.

The receiving ISA initiates the paperwork.  Not the ceding scheme.  This is why they haven't given you the option to transfer.  If you had asked the receiving scheme to transfer it then it could be transferred.