Hi there
I have recently done an ISA transfer from Vanguard to T212 for previous tax years’ money (the form confirmed this).
Unfortunately, it looks like T212 has updated my allowance to reflect this tax year’s contributions too, even though those have stayed at Vanguard. This has put me off and made me have a rethink as to which platform to use so I want to transfer out elsewhere but I can’t until this issue is sorted as I don’t want it follow me.
I got a message saying I’d have an update within a day but this didn’t happen.
I’d appreciate any help as I just want to get things moving.
I am not sure I fully understand your problem but if the result is that you have this year’s full allowance at both providers, it’s just the same as opening two ISAs in the same year with different providers which is quite legal.
The restriction is that you must not exceed the annual allowance across all providers. There is no on-the-fly check between providers - that happens after the end of the tax year when providers submit returns to HMRC.
Thanks for your message.
Basically I’ve transferred cash from previous tax years which should not have affected my allowance. I paid into Vanguard this year (let’s say £1,500) and it’s been deducted from my allowance at Trading212 even though this year has stayed with Vanguard. My allowance should not have changed on the Trading212 system from this transfer.
Hope I am making sense.
There seems to be something going on whereby the transfer is trying to limit you to the total annual allowance across both providers as T212 does between a cash and a stocks ISA.
If the split is not to your satisfaction I think you’ll need to talk to the provider that did the transfer (usually the receiving provider).
As that’s T212 you may have a problem getting past the AI email responder to talk to a real person unless the transfer function has its own dedicated messaging function.
Thanks. Yes, hopefully it’s easily sorted so that it reflects true contributions as doubling up just makes it messy and unreliable.
Update: I’m being told it’s normal apparently 
. But my concern is that both Vanguard (which I didn’t close and didn’t transfer this year’s contributions) and T212 will report the same contributions, thus doubling up what I actually contributed.
I must be missing or misunderstanding something.
Just track it yourself on a spreadsheet.
I do that with mine due to the limits 212 place on some stocks, I need to go elsewhere.
It does sound wrong but as long as it’s not stopping you deposit somewhere in the limit you are good.