Hi
I already have an Invest account so will i be able to open an ISA account on the 6th April?
I guess i’m already approved so there should be no need for me to wait for T212 to process an application as a new user to their system. Sorry if this has already been covered or answeed elsewhere.
Why not try to open an ISA account now and see what happens? it will make no difference as you will get new allowance from the 6th April anyway.
If you already have an active Invest account, you can easily open an ISA in the menu when you click on your email address in the upper right corner on the web, or on the 3 lines in the bottom left on mobile.
As @Alien mentioned, the allowance will be reset when the new financial year begins.
Thanks
I’ve already used my ISA allwance for this year with another broker before i discovered T212. I will be opening an ISA with T212 on 6th April 2021. Cheers @Y.M
I have a related question as I’m in a similar situation as OP.
Currently I have an Invest account and plan on opening an ISA with T212 on 6th April (I know I could technically open it now and not invest anything until the new allowance kicks in on the 6th, but for peace of mind and simplicity I’ll wait for new tax year to open it).
I want to liquidate all my positions in my Invest account on April 5th (to take advantage of this year’s CGT allowance) and then transfer all the money to my new ISA the following day and re-buy into the same positions (all US holdings, so don’t care that LSE is closed on the 5th…).
I understand from other threads that the transfer from Invest to ISA should be straightforward, but I’m now wondering if I’ll be able to get it done on the 6th, or will I need to wait 2 business days for the funds to settle before being able to move them to the ISA?
Hey 
The transfer of funds between accounts is almost instantaneous and the steps to do so can be found here :
Let me know if you need further assistance 
I think what the OP was asking is if the proceeds from the sale in the Invest will be immediately available for transfer or will he have to wait for T+2 settlement.
You may want to look in to liquidating before the FX fee comes in on 3rd april.
The orders are settled immediately after execution and the funds released from them can be transferred between accounts with no issues.
Great, thank you. That’s the confirmation I needed.
@TInvest
I thought the FX fee for existing positions only came into force in early May? So no benefit if I sell before 3rd April or on the 5th… As I’m going to rebuy into all my positions within my new ISA account, I’d rather sell as close as possible to the 6th April.
You could be right. I had 3rd April in my head but couldn’t find the exact details
You are right. The FX fee for existing positions will begin to apply on 3.05.2021. For further reference:
@Y.M What counts as an “existing position”. It is any bought before 3.04.2021, or only those bought before the announcement on 5.03.21? What happens if I bought shares in the same company at different dates:
but all get sold before 3/5? Do all get sold without fx markup, or will an appropriately mixed exchange rate be applied? Sounds like a programming nightmare to do that correctly.
Will future History records be showing explicitly the markup on the fx rate as a separate cost item? I ask because when computing UK capital gain tax, fx fees are not deductible costs.
“Existing positions” refers to positions opened prior to 03.04.2021 (on 2.04.2021 or before). No FX fee will be applied if they are closed in the period (03.04.2021 - 02.05.2021).
Conversely, positions opened 03.04.2021 - 02.05.2021 will have an FX fee applied for both their opening and closure.
All orders will have an applied FX fee after 3.05.2021
Those who are currently have an invest account in US$ would you please inform the forum whether you manage to add an S&S in GBP. S&S ISA account will always need to be in GBP this has been confirmed by T212 and of course compliance with S&S ISA rule from HMRC.
This will answer the question whether it is possible to have Invest account in US$ while having S&S ISA account in GBP. Sofar noone has confirmed this neither does the T212.
Someone on another thread has confirmed he managed to have CFD in US$, while Invest and S&S ISA is in GBP.
T212 generic reponse is that you could only has one currency in one ac. S&S ISA will have to be GBP. But having CFD in US$, while Invest and S&S ISA is in GBP is an expected behavour and torarable.
Thanks. Though that still leave me uncertain about what happens (which position is closed? LIFO? FIFO?) when
Any thoughts on my other question?
One sees this with other brokers, e.g:
While you are creating your account, you will be able to choose the currency of your Invest account. Adding an ISA account during the account creation or at a later point by associating it to your existing account will not affect the chosen currency, as ISA can only be created in GBP.
On the other hand, an Invest account associated with an existing ISA account will have GBP as base account currency by default.
FIFO and LIFO are not applied on Invest/ISA since the bought shares are aggregated in one position and their price is averaged.
Buy orders after 3.04 that are aggregating to an existing position opened prior to 3.04 will have an FX fee applied. On the other hand, sell orders for that position, even if they are for the whole quantity of 20 as in your example, will not have an FX fee applied till 3.05.
When submitting an order, the exact amount of FX fee will be listed in the Review order tab. Furthermore, the tab of each executed order in History will also contain the FX fee amount for the respective order.
Thank you. This is good to know. It is particularly good to know that the fx fee will be detailed separately as an item in Review order and History.