This I feel would be a really good feature. As of right now if you started off by putting money in your invest account and then realised having it in an ISA is better for tax purposes you have to sell off all positions and then move the funds over and buy back in. Granted one should have done their homework first prior to putting the funds in the invest account rather than the tax advantage ISA as in my case but non the less the still would probably be one of the best features for this kind of circumstance.
Just wondering if this is on the plans for the future and if so if this would be coming soon?
Hi @new.one
Unfortunately the regulations set out by HMRC do not allow for this.
You can only transfer cash in and out of your ISA.
It’s to ensure that people crystallise their realised gains/losses and pay the appropriate taxes prior to topping up their ISA contributions or least that is my understanding.
@Richard.W perhaps we should include this in the tax sticky?
Reference:
You cannot transfer any non-ISA shares you already own into an ISA
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OK. I have added
“Currently you can add £20,000 each tax year to one stocks and shares ISA. The funding must be cash. HMRC rules do not allow you to transfer-in shares.”
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Yes and also for example I could buy 10 stocks outside my ISA then I could cherry pick the ones that make the most gains and move them inside the ISA, would be great for us but no way HMRC would allow it.
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