ISA Transfer out

🤝 Help
1

I have tried to transfer my ISA with Trading 212 to another provider and keep my Invest account open for trading. When trying to do so the process failed as it was established that the ISA with Trading 212 is a Cash ISA, not a S&S ISA.

The document from the provider I am looking to transfer my S&S ISA to explained the following - “Unfortunately, Trading 212 UK have told us they cannot carry out the transfer because the account they have been asked to move is a cash ISA, not a stocks and shares ISA, as the application says. We would suggest that you contact them for more information.”

If the account I have with Trading 212 is indeed an S&S ISA (which I have no reason to doubt), why couldn’t the transfer be made? Any help with this would be greatly appreciated.

2

As far as I am aware, you have to sell everything and then move the cash to your new ISA and buy again

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3

That is correct, unfortunately.

4

Certainly looking at trading isa additional terms page only talks about S & S ISA (I too doubt trading 212 would have set it up as a cash ISA …cant see how they’d be able/ allowed to )

5

Sounds to me like X provider has got some of the terminology wrong.

ISA has to transfer as cash not ISA is cash.

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6

100% they are wrong. We only offer stocks and shares ISAs. We will probably have told them that we do not offer in specie transfers which they interpreted incorrectly. We don’t do many transfers out but if you want to close the ISA and sell the positions you have we will happily transfer the balance of cash.

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7

Has there been any progress? I read on the forum that in specie would be available by 3Q2020. I am looking to invest more with Trading212, but am hesitant right now, since I will never be able to move the shares anywhere without liquidating.
Greetings

8

I have a similar problem. I want to transfer £10K cash from my T212 ISA to another provider. I have this cash available in my T212 S&S ISA, I don’t need to sell any shares.

T212 has told the other provider that they “cannot facilitate a partial transfer they can only transfer the ISA in full”

I don’t want to transfer the ISA in full. I want to transfer some cash within the ISA wrapper.

Surely this should be possible.

Thank you

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9

The ISA rules state that if you want to transfer any of your current year’s subscription, you must transfer it all .

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10

As Richard said, if you move only part of your ISA it will mean you have 2 active ISAs in the same tax year, which is not allowed.

11

Hi, and thanks for your reply. I funded my T212 account from a different platform ( AJ Bell ). I made several partial transfers all within the ISA wrapper.

I assumed I would be able to do the same thing when transferring out to IG.

cheers

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12

[No intent of transfer.] If one wanted to transfer their portfolio over to another broker, would they be able to move their positions/shares, or would they need to sell everything, then take the money and then repurchase the shares in the new investing account with another broker, at current share price? @Team212

Also, regarding only having one ISA per tax year, does that mean that if one had an ISA with T212 and wanted to open another ISA:

  1. would one need to close their T212 ISA, or
  2. leave T212 ISA open, but no longer deposit money into it, and only use the new ISA account with the new broker.

If 2, then is one allowed to rebalance the first ISA — sell/buy shares, reinvest dividends, etc. — as long as it doesn’t involve adding new funds? Or if a new ISA has been opened, you simply cannot touch the old/first ISA? (I’m thinking the former is true, but it’s better to check.)

Thank you!

13

Does this help?: