gramsky
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Post by gramsky on Jan 16, 2021 11:05:55 GMT
Sorry to butt-in, but I have another related question. Do the ISA rules allow me to open 2 new ISAs and transfer into each of them. Since I am not paying new funds into an ISA do the rules allow this? Thanks you. Yes, as long as you only transfer previous contributions So I can go ahead with my intention of opening two new ISAs and transferring my AC ISA cash into them and opening a third ISA and paying new cash (£20,000) into it?
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Post by Ace on Jan 16, 2021 11:29:02 GMT
Yes, as long as you only transfer previous contributions So I can go ahead with my intention of opening two new ISAs and transferring my AC ISA cash into them and opening a third ISA and paying new cash (£20,000) into it? Yes that's allowed, but as qwakuk said, providing none of the funds you are transferring from AC are from this tax year's subscriptions.
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ian
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Post by ian on Jan 16, 2021 11:36:23 GMT
Question - I understand it’s your legal right to transfer from one ISA provider to another.
If you’ve invested in say the 90 day account can you transfer out to another provider irrespective of ‘normal trading’
Therefore is it possible to transfer day £20k in your access account into an Assetz Capital isa account 6/4/21 and then transfer the funds out to say Hargreaves Lansdown 7/4 ?
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iRobot
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Post by iRobot on Jan 16, 2021 11:46:01 GMT
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 16, 2021 12:00:45 GMT
Question - I understand it’s your legal right to transfer from one ISA provider to another. If you’ve invested in say the 90 day account can you transfer out to another provider irrespective of ‘normal trading’ Therefore is it possible to transfer day £20k in your access account into an Assetz Capital isa account 6/4/21 and then transfer the funds out to say Hargreaves Lansdown 7/4 ? AIUI any legal right, and I'm not sure there is one outside a cash ISA, is limited to what is permitted by the t&cs of the account. In the case of a cash ISA while you can transfer out even if it doesn't normally permit transfers you would be subject to the penalties outlined in the t&cs. However, for non-cash Isa the rules recognise that assets are likely illiquid so the t&cs apply with no exception. So no you can't transfer out of the 90 day account without regard to the normal trading. Any transfer would be entirely dependent on funds being released via the normal operation of the account in the current circumstances. Therefore the only way to achieve what you are proposing would have been to start the 90day withdrawal cycle at the beginning of Jan and then once the funds are eligible for withdrawal, move them to QAA and request withdrawal at the prevailing discount to sell on the SM. Providing market conditions are sufficient, i.e. enough buyers, to release your funds quickly, they would then be available for a transfer to an AC ISA then on to HL. Even in normal times, you would still need to wait the 90 days for a withdrawal
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ian
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Post by ian on Jan 17, 2021 7:13:25 GMT
Thanks for the reply.
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Post by elephantrosie on Jan 21, 2021 19:20:53 GMT
Hi all, I am looking to transfer my IFISA from AC to cash ISA. How do i do so? Thanks. Invest safe! Depends on where is the money in AC and how you can convert it into cash. Is it current or previous year money? For previous basic process is the same as any other ISA transfer, complete a transfer form for the new provider and they will initiate the process but if the money is invested in loans at AC nothing can happen until its converted into free cash. For current, same issue but as AC is a flexible ISA, in theory you can move the money yourself to a current year cash ISA so i fill in a transfer form with the new provider and i do not have to inform AC at all?
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Post by Ace on Jan 21, 2021 19:26:29 GMT
Depends on where is the money in AC and how you can convert it into cash. Is it current or previous year money? For previous basic process is the same as any other ISA transfer, complete a transfer form for the new provider and they will initiate the process but if the money is invested in loans at AC nothing can happen until its converted into free cash. For current, same issue but as AC is a flexible ISA, in theory you can move the money yourself to a current year cash ISA so i fill in a transfer form with the new provider and i do not have to inform AC at all? Correct.
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Post by elephantrosie on Jan 21, 2021 19:38:50 GMT
so i fill in a transfer form with the new provider and i do not have to inform AC at all? Correct. thanks
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dead-money
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Post by dead-money on Jan 21, 2021 20:05:15 GMT
Hi all, I am looking to transfer my IFISA from AC to cash ISA. How do i do so? Thanks. Invest safe! Depends on where is the money in AC and how you can convert it into cash. Is it current or previous year money? For previous basic process is the same as any other ISA transfer, complete a transfer form for the new provider and they will initiate the process but if the money is invested in loans at AC nothing can happen until its converted into free cash. For current, same issue but as AC is a flexible ISA, in theory you can move the money yourself to a current year cash ISA FYI, Flexible ISA withdrawals need to go back to the ISA provider they were withdrawn from, if you deposit elsewhere that would be new contributions. So even with current year contributions you need to request an ISA transfer.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 21, 2021 21:00:56 GMT
Depends on where is the money in AC and how you can convert it into cash. Is it current or previous year money? For previous basic process is the same as any other ISA transfer, complete a transfer form for the new provider and they will initiate the process but if the money is invested in loans at AC nothing can happen until its converted into free cash. For current, same issue but as AC is a flexible ISA, in theory you can move the money yourself to a current year cash ISA FYI, Flexible ISA withdrawals need to go back to the ISA provider they were withdrawn from, if you deposit elsewhere that would be new contributions. So even with current year contributions you need to request an ISA transfer. Not true AIUI. Current year withdrawals from a flexible ISA are treated as if the subscription has not been made so can be made as new contributions but only to an ISA of a different type HMRC guidance www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isaThe exception is where an ISA contains current year funds only, any withdrawals over & above the subscribed amount ie income or capital gains, have to be returned to that ISA
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dead-money
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Post by dead-money on Jan 22, 2021 9:38:51 GMT
Ah, OK, thanks for the correction.
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dead-money
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Post by dead-money on Feb 22, 2021 9:22:45 GMT
FYI, initiated a couple of ISA transfers out on 1st Feb, took until 13th Feb for broker and AC to handshake and approve transfer.
Monies withdrawn from AC on Friday morning, hopefully will appear in brokerage ISA account today.
So roughly three weeks from start to finish ; Your mileage may vary...
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gramsky
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Post by gramsky on Feb 22, 2021 9:46:23 GMT
Has anyone tried to transfer to a Halifax Stocks and Shares ISA? On completing their online form I find that I can only transfer all off my ISA to them even though it was paid in before the current year yet the gov.uk website states:-
For money you invested in previous years, you can choose to transfer all or part of your savings.
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dead-money
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Post by dead-money on Feb 22, 2021 9:53:09 GMT
Maybe give Halifax a call or look for a downloadable transfer form ?
Partial transfer of previous year's contributions is certainly allowable.
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