ISA transfer - In Specie

Dilbert_Investor

Hi,

Just a quick question I’m hoping someone will know the answer to.

If I do an in-specie transfer from one provider to another, are all the statements and contract notes transferred across too?

thanks

RacingDriver

No, make sure you download them before the transfer.  Also sometimes things like base cost (for CGT calculations) is not transferred either so make sure you have your own records (not relevant if in an ISA/SIPP).

Dilbert_Investor

Thanks.  One provided I asked suggested the documentation did transfer and I would get access to all my historic docs on their system.  I was slight sceptical so thought it best to hear the real experience of others on the forum - maybe it’s different with different suppliers.

Dilbert_Investor

just an additional question related to in-specie transfers.

The box to select for transfer the stocks/funds (as oppose to cash) says:

’All holdings in your account will be transfer along with any cash.  Where this is not possible, please encash my ISA investments and transfer the cash balance’.

Under what circumstances is it not possible to transfer stock/funds?  Not having done a transfer before I don’t want to find the manager has sold all my holding and transferred the cash because it’s easier or quicker.

Albermarle

Dilbert_Investor said:

just an additional question related to in-specie transfers.

The box to select for transfer the stocks/funds (as oppose to cash) says:

’All holdings in your account will be transfer along with any cash.  Where this is not possible, please encash my ISA investments and transfer the cash balance’.

Under what circumstances is it not possible to transfer stock/funds?  Not having done a transfer before I don’t want to find the manager has sold all my holding and transferred the cash because it’s easier or quicker.

It is in case the new provider does not have that investment available on their platform. So best to check in advance.

dunstonh

Dilbert_Investor said:

just an additional question related to in-specie transfers.

The box to select for transfer the stocks/funds (as oppose to cash) says:

’All holdings in your account will be transfer along with any cash.  Where this is not possible, please encash my ISA investments and transfer the cash balance’.

Under what circumstances is it not possible to transfer stock/funds?  Not having done a transfer before I don’t want to find the manager has sold all my holding and transferred the cash because it’s easier or quicker.

That is also an instruction to the ceding scheme.    So, if you are in insured funds, they cannot use in-specie.  So, will revert to cash.

boingy

Sometimes the same fund is not available at the receiving provider. Sometimes the sending provider does not support in-specie transfers outwards. I seem to recall Invest Engine is one such provider. In both these cases you have to sell the funds before the transfer.

It's also worth pointing out that cash transfers are often significantly quicker than in-specie transfers, sometimes the difference between days and weeks. So if you want it transferred quickly and are happy to be out of the market for a while it might be quicker to sell the funds, transfer the money and buy the same funds again. Just make sure it all happens inside the ISA wrapper.

I wouldn't expect the statements and contract notes to transfer across. The only thing I've ever had transfer is the remaining ISA allowance for the current year.

Dilbert_Investor

Thanks for the responses.  My current ISA is all FTSE100 or 250 stocks so I’m thinking that shouldn't be a problem then.

Albermarle

It's also worth pointing out that cash transfers are often significantly quicker than in-specie transfers, sometimes the difference between days and weeks

It is a fair point but timing can be unpredictable. I recently transferred a S&S ISA in specie ( 4 funds) and it was completed in 6 days.

Dilbert_Investor

Thanks.  I would prefer an in specie transfer and hopefully it will be reason quickly.

I got a different answer from the provider about the contract notes, etc. when I called again to check - so guess they will either transfer across or they won’t !   Maybe it depends on whether it’s a full or partial transfer?

 Albermarle - what was your experience on the documentation being transferred?

Albermarle

Dilbert_Investor said:

Thanks.  I would prefer an in specie transfer and hopefully it will be reason quickly.

I got a different answer from the provider about the contract notes, etc. when I called again to check - so guess they will either transfer across or they won’t !   Maybe it depends on whether it’s a full or partial transfer?

 Albermarle - what was your experience on the documentation being transferred?

Just like starting from scratch with a new ISA.