halifax S&S isa tranfer to I web

oz0707

Sorry if this has already been covered. Just a quick question. I want to transfer my Halifax S&S isa to I web
I would like to just transfer everything cash and holdings, however I logged onto halifax and it said something about dealing fee's.

What is the most economical way to do it
-Sell all halifax holdings, re buy in I Web the same day then transfer the cash?
Or
- Transfer the lot as one go?

TIA

Edi81

If you sell you lose the ISA tax free protection. 

Have you tried reading the guide on iweb?
https://www.iweb-sharedealing.co.uk/our-accounts/transfer-your-existing-investments.html

oz0707

You don't lose it with my options above. You just keep the cash within the s&s ISA then make the transfer

masonic

I don't see why you'd not transfer in specie (holdings and cash without selling), since it is effectively an internal transfer and should therefore be pretty quick. You'll incur no trading fees this way and won't be out of the market.

eskbanker

The most economical way is to transfer 'in specie', i.e. have the holdings transferred intact rather than selling first, but this will typically be slower (if that's important to you) and is also dependent on IWeb offering those exact holdings.  It avoids dealing fees and any time out of the market though, which are plus points for most....

masonic

eskbanker said:

and is also dependent on IWeb offering those exact holdings

It's Halifax Sharedealing to iWeb (trading style of Halifax Sharedealing). I don't think there is any difference to the range of investments between the two brands.

oz0707

Id have thought it was in house too. Just when I looked up the help section on halifax it had something written about dealing fee's

masonic

oz0707 said:

Id have thought it was in house too. Just when I looked up the help section on halifax it had something written about dealing fee's

Perhaps you could share exactly what was written and we'd probably be able to explain it.

eskbanker

oz0707 said:

Id have thought it was in house too. Just when I looked up the help section on halifax it had something written about dealing fee's

The fact that Halifax Sharedealing and IWeb are related brands doesn't negate dealing fees charged if choosing to sell investments in the former to transfer in cash to the latter, so these would be charged in the usual way, as clarified at https://www.halifax.co.uk/assets/pdf/filestore/costandcharges.pdf

Transfers

We will not charge you to transfer in or out of our Share Dealing Account or ISA.**

** Please note, some providers will not accept stock transfers, so we will have to sell your holdings first.  You can sell your holdings online at a commission rate of £9.50 per trade, or we can do this for you at a higher commission rate of £25 per trade.

I didn't think that their sharing extended as far as replicating all investments offered but could be wrong - anyway, the acid test here is really just whether yours are available on both, have you checked yet?

masonic

eskbanker said:

I didn't think that their sharing extended as far as replicating all investments offered but could be wrong - anyway, the acid test here is really just whether yours are available on both, have you checked yet?

I'd also be keen to know whether there are any differences. It appears all investments that aren't available at one platform are similarly unavailable at the other, but it is more difficult to determine the converse.

oz0707

Ive filled in the form and put in an envelope. I Just selected that all cash and investments are transferred as they are. Be interesting what happens with the Morrisons shares if any offer is accepted in the meantime. I presume i'll be informed if non of the investments are available but they are all either FTSE 250 or 100 so can't envisage any problems.