Transfer S&S ISA from HL to Iweb - likely timescale?

Qyburn

I have a Stocks and Shares ISA with Hargreaves Lansdown, and plan to transfer to Iweb. What sort of timescale would I be looking at, assuming in specie rather than as cash?  And following on, would there be any issue if the transfer is still in progress over the tax year end?

eskbanker

ISA transfer timescales vary widely - they should complete within 30 days but it's far from unheard of for it to take longer (or significantly shorter to be fair), but maybe you'll get someone with recent experience of this particular combination or providers who can advise how long it took.

It shouldn't really matter when transferring in specie and avoiding being out of the market, but there's no issue with doing so over the end of the tax year.

jimjames

I've got one in progress at the moment, iWeb are suggesting 6-8 weeks for funds in specie, less for cash or shares.

wmb194

Qyburn said:

I have a Stocks and Shares ISA with Hargreaves Lansdown, and plan to transfer to Iweb. What sort of timescale would I be looking at, assuming in specie rather than as cash?  And following on, would there be any issue if the transfer is still in progress over the tax year end?

What are you transferring? In my experience Oeics, and particularly if the manger is Liontrust, take far longer to transfer than stock market listed companies and ETFs. With shares I’ve had transfers take just a week or two and with (Liontrust!) Oeics take months.

dunstonh

The quickest inspecie I have seen recently took under 2 weeks.  The longest took just over a year.   Although that one used the old in-specie transfer method (that needed stock transfer forms) whereas the quickest one used the new transfer system.

Qyburn

wmb194 said:

What are you transferring? In my experience Oeics, and particularly if the manger is Liontrust, take far longer to transfer than stock market listed companies and ETFs. 

Thanks, it's all OEICs from HSBC and Royal London.

badger09

To answer the 2nd part of your question, there are no issues if the xfer is still in progress at the end of the tax year. 

Once the new tax year starts you will be able to add £20k to your IWeb ISA. 
I suggest you don’t try to buy or sell in HL until the xfer is complete. 

Qyburn

Thanks. I've not started the transfer yet as I have one trade I still want to do to tidy up HL. Once that'd done and the transfer started I leave HL alone, with enough cash balance for say 3 months fees.

Alexland

Qyburn said:

Thanks. I've not started the transfer yet as I have one trade I still want to do to tidy up HL. Once that'd done and the transfer started I leave HL alone, with enough cash balance for say 3 months fees.

Might be obvious but assume you have checked that exactly the same investments are available on both platforms?

Qyburn

I think so but will double check right down to share class.

DRS1

Well I hope things have picked up since 2014 - I started a transfer of my ISA from HI to Iweb at the beginning of February and the letter from Iweb confirming the transfer is complete was dated 28 May.  There was 1 unit trust in the ISA and some cash.