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S&S ISA Transfer
KonkyWonky
Posts: 650 Forumite
Good morning
I currently have a S&S ISA with Cavendish which holds VLS60, I have approx £28k invested in this paying in a monthly contribution of £250. My understanding is that the Vanguard platform would now be better value for me. Is the S&S ISA switching process as simple as switching a cash ISA?
For some reason I thought that the funds had to be sold before the ISA wrapper was transferred, then the funds bought again after the ISA wrapper was transferred to the new platform. That wouldn't really work in my situation as I don't have the allowance for that.
TYIA
I currently have a S&S ISA with Cavendish which holds VLS60, I have approx £28k invested in this paying in a monthly contribution of £250. My understanding is that the Vanguard platform would now be better value for me. Is the S&S ISA switching process as simple as switching a cash ISA?
For some reason I thought that the funds had to be sold before the ISA wrapper was transferred, then the funds bought again after the ISA wrapper was transferred to the new platform. That wouldn't really work in my situation as I don't have the allowance for that.
TYIA
0
Comments
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For some reason I thought that the funds had to be sold before the ISA wrapper was transferred, then the funds bought again after the ISA wrapper was transferred to the new platform.
That is known as a cash transfer. The most common method used.
cash transfers do not use up any allowance as you are not drawing any of the money.hat wouldn't really work in my situation as I don't have the allowance for that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You can ask to do an in-specie transfer of fund units which again will not use any more of your contribution allowance.
£28k in one fund would cost £70 pa on Cavendish at 0.25%, £42 pa on Vanguard Investor at 0.15% or £36.50 pa on Halifax Share Dealing at £12.50 fixed pa plus £2 per regular scheduled trade.
HSD starts cheaper and doesn't grow as you add more.
Alex0 -
Thanks for the replies guys, looks like Halifax is the cheaper option and will give a bit more flexibility if i need it further down the line.0
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