Clarification needed for partial and full transfers between S&S ISAs

granta

masonic said:

granta said:

masonic said:

granta said:

masonic said:

granta said:

dllive said:

Hi guys

Ive got S&S ISA accounts with Hargreaves and Vanguard. For the past few years Ive been gradually moving previous S&S ISA amounts from Hargreaves to Vanguard. 

I recently created a S&S ISA account with iWeb but have just realised I can only transfer ALL of my previous S&S ISAs to iWeb (rather than piecemeal as Ive been doing between Hargreaves and Vanguard).

This really caught me off-guard. Is it the norm to only support full ISA transfers rather than partial transfers? Are there any fixed-fee platform alternatives to iWeb that do support partial S&S ISA transfers?

Thanks

That seems contrary to what iWeb told me....they said they did allow partial transfers in and out. This was a couple of months ago so perhaps it has changed recently?

They do allow partial transfers in and out. However, there are restrictions around the partial transfers in they will accept:

• They will allow partial transfers in of any amount of previous year subscriptions from cash ISAs
• They will allow partial transfers in of either current year subscriptions in full, or previous year subscriptions in full, from S&S ISAs where there are both current and previous year subscriptions. So, for example if you had £60k of previous year subscriptions and £20k of current year subscriptions in a S&S ISA, you could transfer the investments bought with the £60k previous year money and/or the investments bought with the £20k current year money, but you could not transfer investments purchased with £10k of the previous year money.
  

This has been the case for at least a couple of years (I made a couple of transfers in 2020 and their transfer forms were set up to prevent other scenarios).

Thanks @Masonic I'm only looking to do previous tax year transfers so it seems I can mix and match those as a partial transfer. which is good!

If it's from a S&S ISA, as long as you are transferring the previous years subscriptions in full, leaving only the current year behind then this is fine.

My current tax year S and S ISA is the only holding I have with a niche provider who I hope to be shot off come April 6th.I once it's tax year 20023/4, I will move the whole lot out.
I don't have previous tax years in that one. However, my overall pot of previous tax year ISAs has become jumbled over the years and split between different providers. I'm assuming you mean it's ok to dip into any of those pots and do partial transfers out without having to match up past year tax subscriptions? I always thought that was fine once that tax year had passed, but just checking I have understood correctly?

Fine for your current tax year ISA. For your previous tax year ISAs that are jumbled and split between different providers, if you want to transfer to iWeb, you must transfer the whole S&S ISA from one or more of those providers. There is no option to specify a cash amount or particular investments. There is nothing in the ISA rules to prevent that, but iWeb do not support it, perhaps as they are a no-frills offering and it makes things too complicated. If you wanted to transfer only part of one of those jumble of ISAs to iWeb, then you could only do so indirectly, via a cash ISA or another S&S ISA that did support partial transfer of previous year money.

See discussion flowing from this post in dllive's other thread.

Thanks. That's good to know as I WAS planning to only transfer part of a pot with Provider X to iweb but having read your referenced thread, I see that is not possible.
I am curious to understand then what is the definition of a 'partial transfer'? I wrongly assumed it meant you could transfer, say, 3 lines of stock to a different Provider whilst retaining the rest of your holdings at the original provider.

masonic

granta said:

masonic said:

granta said:

masonic said:

granta said:

masonic said:

granta said:

dllive said:

Hi guys

Ive got S&S ISA accounts with Hargreaves and Vanguard. For the past few years Ive been gradually moving previous S&S ISA amounts from Hargreaves to Vanguard. 

I recently created a S&S ISA account with iWeb but have just realised I can only transfer ALL of my previous S&S ISAs to iWeb (rather than piecemeal as Ive been doing between Hargreaves and Vanguard).

This really caught me off-guard. Is it the norm to only support full ISA transfers rather than partial transfers? Are there any fixed-fee platform alternatives to iWeb that do support partial S&S ISA transfers?

Thanks

That seems contrary to what iWeb told me....they said they did allow partial transfers in and out. This was a couple of months ago so perhaps it has changed recently?

They do allow partial transfers in and out. However, there are restrictions around the partial transfers in they will accept:

• They will allow partial transfers in of any amount of previous year subscriptions from cash ISAs
• They will allow partial transfers in of either current year subscriptions in full, or previous year subscriptions in full, from S&S ISAs where there are both current and previous year subscriptions. So, for example if you had £60k of previous year subscriptions and £20k of current year subscriptions in a S&S ISA, you could transfer the investments bought with the £60k previous year money and/or the investments bought with the £20k current year money, but you could not transfer investments purchased with £10k of the previous year money.
  

This has been the case for at least a couple of years (I made a couple of transfers in 2020 and their transfer forms were set up to prevent other scenarios).

Thanks @Masonic I'm only looking to do previous tax year transfers so it seems I can mix and match those as a partial transfer. which is good!

If it's from a S&S ISA, as long as you are transferring the previous years subscriptions in full, leaving only the current year behind then this is fine.

My current tax year S and S ISA is the only holding I have with a niche provider who I hope to be shot off come April 6th.I once it's tax year 20023/4, I will move the whole lot out.
I don't have previous tax years in that one. However, my overall pot of previous tax year ISAs has become jumbled over the years and split between different providers. I'm assuming you mean it's ok to dip into any of those pots and do partial transfers out without having to match up past year tax subscriptions? I always thought that was fine once that tax year had passed, but just checking I have understood correctly?

Fine for your current tax year ISA. For your previous tax year ISAs that are jumbled and split between different providers, if you want to transfer to iWeb, you must transfer the whole S&S ISA from one or more of those providers. There is no option to specify a cash amount or particular investments. There is nothing in the ISA rules to prevent that, but iWeb do not support it, perhaps as they are a no-frills offering and it makes things too complicated. If you wanted to transfer only part of one of those jumble of ISAs to iWeb, then you could only do so indirectly, via a cash ISA or another S&S ISA that did support partial transfer of previous year money.

See discussion flowing from this post in dllive's other thread.

Thanks. That's good to know as I WAS planning to only transfer part of a pot with Provider X to iweb but having read your referenced thread, I see that is not possible.
I am curious to understand then what is the definition of a 'partial transfer'? I wrongly assumed it meant you could transfer, say, 3 lines of stock to a different Provider whilst retaining the rest of your holdings at the original provider.

A partial transfer is any transfer in which the original ISA survives. That includes partial transfers where current year funds are separated from prior year funds. It is possible to do as you suggest, but both ISA providers must support that.