Problem transferring shares ISA

bangragal · 7 April 2008 at 1:35PM

I applied to transfer a shares isa from M & G to RBS Direct Trader.

Received a letter from RBS stating M& G can't transfer holdings as they are and that I would need to liquidate the holdings and then transfer the cash to themselves.

What I'm trying to find out, is:

Are there any disadvantages to liquidating the shares? and if I'm turning it in to cash and transferring it into a new ISA, would that count towards this year's allowance?

thanks

debbie42 · 7 April 2008 at 1:44PM

bangragal wrote: »

Are there any disadvantages to liquidating the shares? and if I'm turning it in to cash and transferring it into a new ISA, would that count towards this year's allowance?

It won't count towards this year's allowance as a transfer, even if it's transferred between two S&S ISAs as cash. Possible disadvantages are that funds may increase in value whilst you are in cash, and additional dealing charges. If you were intending on investing in different funds etc. then this is pretty much unaviodable anyway.

bangragal · 7 April 2008 at 5:05PM

thanks for that - makes it clearer.

Problem transferring shares ISA

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