S&S ISA transfer HL to Iweb - cash left behind

Qyburn

I filled in the transfer form on Iweb and as far as I can recall didn't select anything other than transfer everything, current year, previous years. Stupidly I didn't screenshot the form as I assumed it would be saved somewhere, but apparently that's not the case.

So the transfer went through, but the cash balance remains sitting with HL and the ISA still open.

Is that the expected result? I'm not sure what to do now, I could try the transfer again but if Iweb do9full cash through (or HL doesn't off) then that probably won't work either.

soulsaver

Phone (or message?) Iweb and ask them if they're chasing the balance.

dunstonh

If you use inspecie transfer, then the cash balance is transferred after the final asset is re-registered.  

If you had income units, then its quite common for income distributions to arrive after the transfer needing a mop up transfer approx 3 months after the event.  Some platforms do this automatically.   Some keep the money for themselves if its not transferred within 12 months.  Others need you to request the transfer of the residual balance under the original instruction.

Qyburn

dunstonh said:

If you had income units, then its quite common for income distributions to arrive after the transfer needing a mop up transfer approx 3 months after the event.  

Thanks. That could be a factor as I did have income units, but sold them shortly before the transfer.

MX5huggy

How much are talking about? Loose change a pub meal or something to actually worry about keeping its ISA status. 

Qyburn

Somewhere in between. I used to keep a cash buffer in HL to cover monthly charges (hence having one Inc holding). Not needed on Iweb, so the intent is to invest the case in the new tax year together with my new ISA subscription.