Converting ISAs

sir baconface

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20 May 2012
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Not in my lifetime.
Any financial whizz kids who can advise on this, please?

I have Stocks & Shares ISAs which I want to move into joint names. ISA rules don’t allow that so I’m assuming I’d need either to transfer to a joint general account on the same investment fund platform (if feasible) or sell and re-buy the investments.

Basically, I’m looking for a work around that minimises dealing costs and tax implications.

Cheers if anyone can help.

[P.S. In accordance with Bluemoon protocol, I’ve already torched the investment manager’s office and dry-bummed the tea lady. ]
 
I don’t think you can transfer investments between the different types of accounts. I’ve just done some the other way - from an general investing account into an ISA, and had to sell them and transfer the cash and re-buy them in the ISA.

If you’re moving them from the ISA you wouldn’t have to pay tax when selling them in the ISA. You could be creating a tax liability further down the line. Not just CGT, but potentially tax on dividends too.
 
I don’t think you can transfer investments between the different types of accounts. I’ve just done some the other way - from an general investing account into an ISA, and had to sell them and transfer the cash and re-buy them in the ISA.

If you’re moving them from the ISA you wouldn’t have to pay tax when selling them in the ISA. You could be creating a tax liability further down the line. Not just CGT, but potentially tax on dividends too.

Thanks Mr Cranker. I guess that was what I feared. It would involve some outlay on dealing costs plus potential tax exposure, although I suspect the latter could be managed with personal allowances and reliefs.
 
I work in the field so my advice is to convert to cash and then reinvest once youve transferred then move to a dealing account as it you hold foreign stock it can take weeks to transfer stock unless you hold US stock
 

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