IBKR Non-ISA Position Notification

MR1988

Hi all,

I hope I'm asking this in the right section, if not please move it for me.

I opened my partner an ISA account with Interactive Brokers a while ago. She has been depositing money and investing it into stocks and ETFs only.

Today she received an email saying that she has one or more non-qualifying ISA positions and that they will open a General Investment Account on her behalf and move these positions.

Tried to figure out which positions are so we close them but there's no information other than this general message. I know UK changed the rule regarding ISA and fractional shares but she only has whole positions.

I tried contacting IBKR but their Live Chat is abysmal and cannot get past their FAQ/Bot page regardless of what I do.

Anyone else had to deal with this before?

GeoffTF

What securities does she hold?

MR1988

Her main positions are in VUSA and VUSD. And then she holds some smaller individual positions in Disney, Ford, Intel, Twilio, MMM.

GeoffTF

VUSD is the dollar denominated version of VUSA. It does not make much sense to hold VUSD in an ISA, but it should be allowed AFAIK. I do not see why you should not be allowed to hold the other stocks in an ISA. They will be subject to swinging foreign exchange charges whenever you buy and sell in an ISA with most brokers, but IBKR is reasonable in that respect. Whether it is sensible to restrict investment to the US or to buy individual stocks is another matter.