Move Funds facility

[GeorgeH]

Under “Manage funds” There is “Move funds” facility.
I would like to build up my ‘Invest’ funds during the year, then when the new tax year starts on 6th April, move them from ‘Invest’ into my ‘Stocks ISA’.
Can the Move funds facility do that?

[KrisG]

Yes, you can. Just keep in mind that once transferred, these funds will count towards your annual ISA allowance.

[Jamie-The-Pie-Eater]

Hi Kris, sorry to jump on this thread after it’s been solved. Though I did have a similar question I have an additional one.

I don’t know if this is the right thread to ask but I’ll ask any way.

In April, the new tax year, I moved a small sum from the S&S ISA back to the investment account. Now I think T212 has added that sum to my allowance and I’ve maxed out the ISA allowance on here but in reality I’m still, say, £150 off my allowance.

Can I move that £150 back to the S&S ISA from the investment account?

Thanks

[Bogi.H]

£20,000 is the maximum amount you can contribute to your ISAs each tax year. Since our ISAs are flexible, you can withdraw any amount and deposit it back without impacting your allowance as long as you do it within the same tax year.

[Dougal1984]

@Jamie-The-Pie-Eater

In April, the new tax year,

It’s from the 6th April.

[GeorgeH]

When trying to transfer stocks from “Invest” to my “lSA stocks” it only shows the cash available in the “Invest” account and the cash in the “ISA Stocks” account.
Do I have to sell the stocks to be able to do the transfer?

If I do have to first sell the stocks in the “Invest” account then transfer the cash into the “ISA Stocks” account, and then buy the same stocks in the “ISA Stocks” account, that will be a terrible waste of money.

[Vio]

@Veselin.V

Shares can’t be moved from the Invest to the Stocks ISA. Only funds can be moved between the two account types. The option appears when you tap on Manage funds → Move funds.

Sell the shares. Move the funds over.

[Vio]

@GeorgeH

If I do have to first sell the stocks in the “Invest” account then transfer the cash into the “ISA Stocks” account, and then buy the same stocks in the “ISA Stocks” account, that will be a terrible waste of money.

You may incur FX fees (when selling & rebuyung).

You may incure losses on positions you’re currently down on.

You can offset your capital losses against your capital gains.

Is this what you mean by terrible waste of money? Or are you refering to something else. Please advise.

[Dougal1984]

@GeorgeH

If I do have to first sell the stocks in the “Invest” account then transfer the cash into the “ISA Stocks” account, and then buy the same stocks in the “ISA Stocks” account, that will be a terrible waste of money.

And if 212 were to allow you to transfer a share from GIA to ISA then they would be liable to fines by the FCA as it is not legally allowed.

That is why Bed & ISA exists.