Transferring partial previous years ISAs to iWeb

dllive

Hi,

Im looking to transfer specific funds (all Vanguard becuase I know iWeb offer these funds and so can do these in-specie) from Hargreaves and Vanguard platforms to iWeb.

These are funds that Ive invested in - amongst many other funds and stocks - on Hargreaves for many years. 

Im just filling in the iWeb transfer form and this section is giving me pause for thought:

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Transfer ISA funds from previous tax years

Choose if you want to transfer all your ISA subscriptions for all previous tax years. You can only transfer your subscriptions for all previous years in full.

Transfer the money you’ve put into a Stocks and Shares ISA in all previous tax years, alongside any investments bought with this money?

(Yes/No)

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I dont want to "transfer all your ISA subscriptions for all previous tax years". I only want to transfer the specific funds from previous tax years that I know iWeb supports (ie: Vanguard funds).

If I select 'No' it doesnt let me proceed. So I should select 'Yes'? But I dont want to 'Transfer the money you’ve put into a Stocks and Shares ISA in all previous tax years'.

I may be having a senior moment. Can someone elucidate?

Thanks

wmb194

Does iWeb offer partial transfers in? It sounds like it doesn’t.

soulsaver

Sound barmy to me, too. Needs a phone call or message them.

But I'll add something that I wasn't aware of until rates became significant:

Cash held in your SIPP, ISA and GIA in Interactive (II) & HL, and maybe others, earn interest - not the best rates, but significant - tiered up to c.4.0+%.

IWebb? Nowt, zilch, nada. 

masonic

They only permit partial transfers in of cash ISAs. There are added complexities around S&S ISAs, which leads to fewer providers supporting partial transfers.

dllive

Hmm, I was pretty sure Ive done partial transfers of previous years ISAs before to iWeb. (Im probably mistaken. Maybe I did current year transfers).

Ive just initiated the transfer form Vanguard to iWeb. I dont mind this being full transfer becuase I know the funds I hold in Vanguard are available in iWeb. After completing the form it says they will send me a paper form to fill in. I have to sign this and post it back them before they can start the transfer. Is this right!?

Regards the funds in my Hargeaves funds, looking at this page https://www.vanguardinvestor.co.uk/need-help/answer/transferring-a-general-account it looks like I can do a partial transfer of previous years ISA (although only Vanguard fund unfortunately). So I suppose I could do a partial transfer from Hargreaves to Vanguard; then do a full transfer from Vanguard to iWeb. Does that sound about right?

Also, should I ask Vanguard and Hargreaves to included the average unit value I bought into these funds? Or should I ask for the unit value of the funds at the point of transfer?

Thanks

masonic

Some transfers to iWeb are electronic with no form necessary. It tells you earlier in the transfer application, but always tells you to return the paper form at the end. So you might not need to.

If you partially transfer from HL to Vanguard, then you could do a full transfer of the previous year holdings to iWeb yes.

For the book cost, you'd be better off calculating that yourself and then requesting a specific value at iWeb after all is done. It would be helpful for brokers to make this user editable as some have done. It will just be the weighted mean of the value for each group of units that were combined.

dllive

Thanks masonic.

Silly question (I seem to be full of them this morning! ): The aim is to provide iWeb with the average book cost for each fund? If so, how do I do that? I can see the contract notes
 in my Hargreaves account. Do I add up all the Prices for each contract note within a particular fund; then divide by the number of trades?

masonic

The book cost will be the total cost of your units divided by the total number of units. HL normally show this figure on your account breakdown, and it is probably correct if you've not done any transferring in to them.

You can then use this to calculate the total cost of the units that end up at iWeb, and a new book cost of your combined holdings there.

jimjames

soulsaver said:

IWeb? Nowt, zilch, nada. 

Happy to live with that for not paying any annual fees. Very small price to pay when there are ways round it anyway by holding cash funds if you don't want to invest yet.

ColdIron

soulsaver said:

IWebb? Nowt, zilch, nada. 

Happy enough with that too. With no annual fees there is no reason to hold cash (other than for upcoming purchases) and you can afford to be fully invested. My cash balance is less than £3 and I'm going to eliminate that with my next purchase

dllive

masonic said:

The book cost will be the total cost of your units divided by the total number of units. HL normally show this figure on your account breakdown, and it is probably correct if you've not done any transferring in to them.

You can then use this to calculate the total cost of the units that end up at iWeb, and a new book cost of your combined holdings there.

Thanks so much.