Best method to transfer S&S ISA & GIA into one new ISA with a new broker

eskbanker

krish123 said:

Will i have to transfer my existing S&S ISA into T212 first before adding the GIA account funds? Or am i Able to Open a ISA with T212 and transfer my funds from freetrade before transferring in from CS?

The sequence doesn't matter.

waveyjane

I'm reading this thread and am a bit confused.

When people say "transfer an ISA to another provider", my understanding is that you contact the provider you wish to transfer the ISA(s) to, and they then contact the other providers to do the transfer. That way, your ISA limit isn't affected (otherwise you'd be unable to transfer an ISA more than £20K). 

The issue of whether it's a cash or in specie (if the new provider can offer the same investments) is sorted out when you fill in the new provider's forms. You should't have to do any selling/buying yourself, should you?

Doctor_Who

waveyjane said:

I'm reading this thread and am a bit confused.

When people say "transfer an ISA to another provider", my understanding is that you contact the provider you wish to transfer the ISA(s) to, and they then contact the other providers to do the transfer. That way, your ISA limit isn't affected (otherwise you'd be unable to transfer an ISA more than £20K). 

The issue of whether it's a cash or in specie (if the new provider can offer the same investments) is sorted out when you fill in the new provider's forms. You should't have to do any selling/buying yourself, should you?

Why do you think you can't transfer an ISA of more than £20K? Any amount in an ISA from previous years' subscriptions can be transferred and it doesn't affect your allowance for this tax year.

If the new S&SISA platform doesn't offer exactly the same investments as the old platform then some investments will need to be sold (you can do this or the old platform may do this as part of the transfer process). If any are sold and transferred as cash then obviously you will need to buy new investments in the new platform. The OP also has investments in a GIA, these have to be sold, withdrawn as cash and then added to the new S&SISA platform and investments bought, they cannot be transferred directly to the new ISA.

badger09

Open a new S&S ISA with T212

Initiate S&S ISA xfer from Charles Stanley. 

There will be a box in the T212 xfer form to say you want to xfer as cash

When the xfer is complete, sell all your holdings in the Freetrade GIA.
Withdraw the proceeds to your current account, then pay up to £20k minus the £1330 (or whatever you’ve already paid into the CS ISA since 6/4/23)

Albermarle

krish123 said:

Doctor_Who said:

krish123 said:

Doctor_Who said:

 I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

Have you contributed to the S&SISA this tax year? As wmb194 said, you can't transfer funds in a GIA to a S&SISA, hence you need to sell the funds and any money added to the new S&SISA would be counted against your ISA allowance in this tax year. You need to consider how much of your ISA allowance you have already used in the S&SISA with CS this tax year when subscribing to the new S&SISA.

Yes i have, only £1330 pounds. my freetrade account is about £12K so this will soak up up ISA allowance with T212 right? 

That should be ok as it gives me around 7K still to invest this year.

I need to find out first if i can transfer in ISA with T212 first.

After you have transferred the S&SISA - add the amount from the Freetrade account that you add as cash to the new S&SISA to the amount already subscribed to the S&SISA this tax year, and then subtract that from £20K to work out how much more you can add this year. This obviously assumes you haven't subscribed anything to another type of ISA (e.g cash ISA) in the current tax year.

Got you. 

I checked with T212 they do ISA transfers but only in Cash, so i think i will have to sell all of my holdings in Charles stanley and then initiate the transfer. 

You will be out of the market ( in cash) for a few days. Any significant upward market movement in that time ( that you will miss)  could wipe out any reduction in charges many times over. On the other hand if the market moves down during the transfer you will gain. Just be aware of the risk, if you are not already.

waveyjane

Doctor_Who said:

Why do you think you can't transfer an ISA of more than £20K? Any amount in an ISA from previous years' subscriptions can be transferred and it doesn't affect your allowance for this tax year.

Sorry, I didn't mean I thought you can't transfer an ISA of more than £20K (you may have missed the word "otherwise" above). What I missed was the OP also wants to move investments in a GIA (wasn't familiar with that term, thought it was a provider name). 

Albermarle

waveyjane said:

Doctor_Who said:

Why do you think you can't transfer an ISA of more than £20K? Any amount in an ISA from previous years' subscriptions can be transferred and it doesn't affect your allowance for this tax year.

Sorry, I didn't mean I thought you can't transfer an ISA of more than £20K (you may have missed the word "otherwise" above). What I missed was the OP also wants to move investments in a GIA (wasn't familiar with that term, thought it was a provider name). 

Different providers have different names for their non tax protected investment accounts, but GIA is a kind of generic name for these accounts.