Another great video explain in good detail, with such low interest on cash isas, there just not worth keeping. An easy access account will give you better interest and more important you can hearn £1000 in interest before being charged any tax on it, it's only worth keeping a cash isa if you have tens of thousands.
Very informative thanks, been watching you for sometime now, a quick question, If a transfer my previous ISA allowance from previous tax years to another provider this tax year. That shouldn't affect my tax allowance this year, right? Meaning that it would not deduct from this year's allowance. Thanks
Hi, thanks for watching. You can transfer your previous ISA savings from previous tax years without impacting upon this year's allowance provided you do it via the ISA transfer process. With your new chosen provider, you need to complete an ISA transfer form and they will then do the transfer for you. Following this ISA transfer process means you will still have your full allowance for this tax year.
Great information but ,I have 20k cash ISA invested in this years tax year, and 25k in 1 other cash ISA that matures in October,can I transfer that to another provider within the same tax year? T
Hi, you can transfer ISAs over in full even if it is over £20K. Only contributions you may have made into your cash ISA in this tax year will count towards this year's allowance. Just be sure to complete the ISA transfer form and let your chosen provider do the rest.
Hi there. Not sure what you mean by dormant? I have 2 different stocks and shares ISA’s but I’ve only paid this years allowance into one of them. Have I broken any rules? Also, can I transfer both those ISA to another isa this tax year?
Hi, if you have only paid into one S&S ISA this year, then no rules have been broken. What I mean by dormant, is an ISA that you have not paid into during the financial year. For example, I had a cash ISA I had not paid into for a few years, therefore dormant - it still earned interest but it was no longer active - had I wanted to add money to it, I would have had to reactivate it. You can transfer both of your ISA's this tax year, be sure to fill in ISA transfer forms. For the ISA you have been paying into this tax year, you will have to transfer the full value of your ISA. For the other ISA, you can choose whether you transfer part or all of it. Here is a link to ISA rules on the gov.uk website: www.gov.uk/individual-savings-accounts/transferring-your-isa
Hi Helena can I ask a question if I have 2 cash ISA from last year and the year before can I transfer each of them to vanguard stocks and shares ISA and also open new 212 or free trade Stocks & shares ISA in this tax year thanks in advance for reply
Hi, you can only open one S&S ISA in any given tax year, so unless you already hold a S&S ISA with Vanguard, you will not be able to open both a Vanguard ISA and a 212/ Freetrade S&S ISA. You will need to choose which S&S ISA to go for. You will then be able to do an ISA transfer into your one chosen S&S ISA for both of your cash ISAs from previous tax years without impacting upon this year's ISA allowance. I hope this explanation helps. Thanks for watching the video 🙂
Hi there I would to know when I transfer my stocks and shares from one platform to another,how do they transfer whole fund manager ?what if new platform doesn’t have fund Manager which I have in my existing isa account?like I invested in Jupiter uk mid cap ,share uk and fidelity Asia etc? Thanks
When you fill in an ISA transfer form, you can select to keep your money invested during the transfer (known as an 'in specie' transfer), which means your money remains invested during the transfer process and your investment is basically re-registered with your new provider (in simple terms). This type of transfer can take a bit longer. However, there are things to be aware of. Firstly, as you mention, the new provider may not have the specific funds you invest in available on their platform. If you want to keep invested with the same investments, such as Jupiter, and want to transfer to a new provider, you will need to check the new provider offers the investments you seek first and make it important criteria in you selection process. Otherwise, if your current investments are not available with your new chosen investment platform, you will need to check the box on the ISA transfer form for your investments to be converted to cash prior to the transfer. If you know what new investments you want, you can state them on the ISA transfer form and the cash would then automatically be invested once it arrives with your new provider. Alternatively, the money would be transferred across as cash and you can invest the cash as you see fit once it is in your new ISA account. Secondly, if you do an in specie transfer, you may find that you have to pay a fee to transfer to a new provider and keep your money invested during the transfer process. This is because it is a more complicated process than converting your investments into cash and transferring as cash. If in specie transfers do carry a fee, you will need to work out if it is worth paying the fee or better to have your investments converted to cash for the transfer process. I hope that helps.
Many thanks for your prompt reply,it’s really helpful for me to make right decision,just to confirm if I Convert my investment into cash and then re-invest in chosen fund,does it still classified as Isa allowance and can be invested straight forward or I have to pay tax on this amount.
Hi , I have been paying into a stocks and shares isa this tax year , can I do a transfer to another broker in the same tax year and close the current one and then start funding the new one, or do I need to wait until April to do a transfer now. I have just tried to do a transfer with interactive brokers and got the message " you can only contribute to one stocks and shares ISA per tax year" and I can't seem to get clarification on the rules online.Thanks
Hello . I completed the transfer form, as I wanted to switch from vanguard to another provider for the new financial year. I went to my vanguard platform to cancel my regular direct debit payments, as I was worried I would pay into my stocks and shares ISA for the new financial year. However I got a message saying Please note that unless you've reached your limit, any payments scheduled the next 8 business days will still be collected as per your instructions. I am worried that my direct debit is set for the 9th of April.
If you had used plain language and not tried to make the video longer, you could have explained this in 2minutes. Go to a new provider, give them the details and wait. That is it. Nothing complicated and no need for this type of video. It's tiring to watch your poor presentation skills. I was expecting another load of affiliate links.
Thanks for the video. Exactly what I needed!
Another great video - thanks! 😊
Thanks again!
Excellent video and screenshots
To retain ISA tax benefits - you need to follow the correct process. Here we cover the correct process and what you need to watch out for.
Thank you!
Sorry if you have already answered my question previously,new to your Blogs. thanks .T
You and pension craft are the 2 best on u t
Thank you, that is most kind. Ramin is absolutely excellent on Pension Craft.
Another great video explain in good detail, with such low interest on cash isas, there just not worth keeping. An easy access account will give you better interest and more important you can hearn £1000 in interest before being charged any tax on it, it's only worth keeping a cash isa if you have tens of thousands.
Very informative thanks, been watching you for sometime now, a quick question, If a transfer my previous ISA allowance from previous tax years to another provider this tax year. That shouldn't affect my tax allowance this year, right?
Meaning that it would not deduct from this year's allowance. Thanks
Hi, thanks for watching. You can transfer your previous ISA savings from previous tax years without impacting upon this year's allowance provided you do it via the ISA transfer process. With your new chosen provider, you need to complete an ISA transfer form and they will then do the transfer for you. Following this ISA transfer process means you will still have your full allowance for this tax year.
Great information but ,I have 20k cash ISA invested in this years tax year, and 25k in 1 other cash ISA that matures in October,can I transfer that to another provider within the same tax year?
T
If your cash isa is more than £20,000 can you transfer it all into a shares isa? Thanks.
Hi, you can transfer ISAs over in full even if it is over £20K. Only contributions you may have made into your cash ISA in this tax year will count towards this year's allowance. Just be sure to complete the ISA transfer form and let your chosen provider do the rest.
Hi there. Not sure what you mean by dormant? I have 2 different stocks and shares ISA’s but I’ve only paid this years allowance into one of them. Have I broken any rules? Also, can I transfer both those ISA to another isa this tax year?
Hi, if you have only paid into one S&S ISA this year, then no rules have been broken. What I mean by dormant, is an ISA that you have not paid into during the financial year. For example, I had a cash ISA I had not paid into for a few years, therefore dormant - it still earned interest but it was no longer active - had I wanted to add money to it, I would have had to reactivate it.
You can transfer both of your ISA's this tax year, be sure to fill in ISA transfer forms. For the ISA you have been paying into this tax year, you will have to transfer the full value of your ISA. For the other ISA, you can choose whether you transfer part or all of it.
Here is a link to ISA rules on the gov.uk website:
www.gov.uk/individual-savings-accounts/transferring-your-isa
@@BouncingBack nice one. Thankyou
Hi Helena can I ask a question if I have 2 cash ISA from last year and the year before can I transfer each of them to vanguard stocks and shares ISA and also open new 212 or free trade Stocks & shares ISA in this tax year thanks in advance for reply
Hi, you can only open one S&S ISA in any given tax year, so unless you already hold a S&S ISA with Vanguard, you will not be able to open both a Vanguard ISA and a 212/ Freetrade S&S ISA. You will need to choose which S&S ISA to go for. You will then be able to do an ISA transfer into your one chosen S&S ISA for both of your cash ISAs from previous tax years without impacting upon this year's ISA allowance. I hope this explanation helps. Thanks for watching the video 🙂
@@BouncingBack Thankyou for your help advice and reply
Is it possible to get a PDF ISA proof of bank details from the internet banking platform or does one need to phone the bank for that?
Hi there
I would to know when I transfer my stocks and shares from one platform to another,how do they transfer whole fund manager ?what if new platform doesn’t have fund Manager which I have in my existing isa account?like I invested in Jupiter uk mid cap ,share uk and fidelity Asia etc?
Thanks
When you fill in an ISA transfer form, you can select to keep your money invested during the transfer (known as an 'in specie' transfer), which means your money remains invested during the transfer process and your investment is basically re-registered with your new provider (in simple terms). This type of transfer can take a bit longer. However, there are things to be aware of. Firstly, as you mention, the new provider may not have the specific funds you invest in available on their platform. If you want to keep invested with the same investments, such as Jupiter, and want to transfer to a new provider, you will need to check the new provider offers the investments you seek first and make it important criteria in you selection process.
Otherwise, if your current investments are not available with your new chosen investment platform, you will need to check the box on the ISA transfer form for your investments to be converted to cash prior to the transfer. If you know what new investments you want, you can state them on the ISA transfer form and the cash would then automatically be invested once it arrives with your new provider. Alternatively, the money would be transferred across as cash and you can invest the cash as you see fit once it is in your new ISA account.
Secondly, if you do an in specie transfer, you may find that you have to pay a fee to transfer to a new provider and keep your money invested during the transfer process. This is because it is a more complicated process than converting your investments into cash and transferring as cash. If in specie transfers do carry a fee, you will need to work out if it is worth paying the fee or better to have your investments converted to cash for the transfer process. I hope that helps.
Many thanks for your prompt reply,it’s really helpful for me to make right decision,just to confirm if I Convert my investment into cash and then re-invest in chosen fund,does it still classified as Isa allowance and can be invested straight forward or I have to pay tax on this amount.
Hi , I have been paying into a stocks and shares isa this tax year , can I do a transfer to another broker in the same tax year and close the current one and then start funding the new one, or do I need to wait until April to do a transfer now.
I have just tried to do a transfer with interactive brokers and got the message " you can only contribute to one stocks and shares ISA per tax year" and I can't seem to get clarification on the rules online.Thanks
Hello .
I completed the transfer form, as I wanted to switch from vanguard to another provider for the new financial year. I went to my vanguard platform to cancel my regular direct debit payments, as I was worried I would pay into my stocks and shares ISA for the new financial year. However I got a message saying Please note that unless you've reached your limit, any payments scheduled the next 8 business days will still be collected as per your instructions. I am worried that my direct debit is set for the 9th of April.
Best thing to do is contact Vanguard to discuss the matter.
Your choice of words is misleading, especially the word ACTIVE. Financial definition is different to legal definition...
If you had used plain language and not tried to make the video longer, you could have explained this in 2minutes.
Go to a new provider, give them the details and wait. That is it.
Nothing complicated and no need for this type of video. It's tiring to watch your poor presentation skills.
I was expecting another load of affiliate links.