Dividends should be paid to whoever is on the register at record date, the rules don’t change.
If your transfer takes place after record/ex date, the dividend will be paid to your old account or should be. Whether there is a sweep or standing instruction to transfer the proceeds over, 212 will need to confirm but suspect that would depend on the party they are dealing with.
I recently read the following from the updated investment terms:
“16.6. It may not be possible for you to transfer certain Investments out of your Account.
These include:
a. Investments that are not accepted by the other investment providers;
b. Investments that have been suspended from trading;
c. Investments that have not yet settled, as per Clause 8.; d. Fractional shares, as per Clause 12.3.;”
Does this imply that any fractional stake we would have to sell before the transfer? Or, the fractional would remain on the platform (let’s say you have 100.5 shares of an investment of some sort; 100 would be transferred, and the remaining 0.5 would remain).
Furthermore, I’m still not sure if you can choose which items and how much to move, or if your entire portfolio must be transferred.
Hi @Bogi.H, I got my Introducing portfolio transfers email today and I am very excited as I want to transfer my ISA portfolio from HL into Trading 212.
Are there any specific requirements that our current brokers need to fulfill to enable in-species transfers? I.e. software, system or group? Shares are all in full, no fractional.
Please advise as I would like to check with my existing broker.
@KrisG Any limits on the amount of cash with a S&S ISA that can be transferred? I thinking of either, 1) adding cash to my existing ISA or 2) waiting until the transfer is complete as I want to ensure I add more cash with this tax year.
There are no restrictions on the amount of cash you can transfer. In case you weren’t aware, ISA cash transfers have been an available feature on our platform for quite some time.
Just wanted to say this was the feature that was missing for me to fully comit to keep my portfolio in T212. Right now I feel secure in keeping my assets in this broker and hope they keep the good work in the coming years.
I’m very excited about this feature, I will definitely be consolidating my holdings to T212.
Does anyone know if IG charge for transferring shares out?
Small question on ISA related transfers. I see there is no option for partial transfer out. So am I right in thinking basically I have to transfer the whole account in terms of all cash and all shares at once? Or can cash be left in for example?
Further to that would my T212 ISA still exist just with a £0 balance after full transfer? As with the new govt rules in April of being able to deposit to multiple ISAs it might be in future if I want to transfer some to another broker but I will still want to regularly add here too.
@ts94, there will be a beta test before the release in mid-February. If anyone is interested, send me a DM.
@Hbomb, if you want to transfer the portfolio (stocks), you should move all the stocks and any remaining funds to the ISA.
After the beginning of the new tax year (06/04/2024), you’ll be able to deposit in more than one S&S ISA simultaneously. So, you can deposit funds and trade with us even after a potential full transfer to another broker. Our ISA will remain open - it won’t be restricted or closed.
You can only contribute into one of each type of ISA at the moment as per GOV regulations, so the question is moot if you are transferring any current year contributions.