Investing during transfer

SuperFrank88

Hi,

I requested to transfer my s&s isa from Open Money to Vanguard at the end of December. The transfer on Vanguards portal shows as ‘pending’. I’m expecting it to take a few weeks minimum for the transfer to fully complete. 

My question is, am I allowed to make my monthly investment contribution on the 22nd into my Vanguard account or do I have to wait for the transfer to fully complete? 

Alexland

While it might technically be possible it could cause you to concurrently have current year contributions in two ISAs of the same type in the same tax year which isn't allowed. Provided the transfer completes before the end of the tax year that's fine but if not there is a risk that both providers could report their contributions and you could get a letter from HMRC if they can be bothered.

SuperFrank88

Alexland said:

While it might technically be possible it could cause you to concurrently have current year contributions in two ISAs of the same type in the same tax year which isn't allowed. Provided the transfer completes before the end of the tax year that's fine but if not there is a risk that both providers could report their contributions and you could get a letter from HMRC if they can be bothered.

Thanks for the reply. Ok I may wait until the end of the month and then ring Vanguard for a update on the transfer