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Where Taxpayers and Advisers Meet

ISA to GIA

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm
ISA to GIA

Postby Jason123456 » Tue Mar 30, 2021 11:17 am

I understand an ISA cannot be transferred to someone else but can some funds within an Investment ISA be transferred to another person as a GIA?

pawncob
Posts:4644
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: ISA to GIA

Postby pawncob » Tue Mar 30, 2021 12:56 pm

https://acronyms.thefreedictionary.com/GIA
With a pinch of salt take what I say, but don't exceed your RDA

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm

Re: ISA to GIA

Postby Jason123456 » Tue Mar 30, 2021 1:00 pm

General Investment Account!!

pawncob
Posts:4644
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: ISA to GIA

Postby pawncob » Tue Mar 30, 2021 3:55 pm

You can take funds out of an ISA, but you lose the ISA wrapper.
With a pinch of salt take what I say, but don't exceed your RDA

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm

Re: ISA to GIA

Postby Jason123456 » Tue Mar 30, 2021 4:27 pm

Thanks...understood!.....but do they have to be cashed?.....or can I transfer the funds as they are?

ben_power
Posts:52
Joined:Tue Feb 27, 2018 8:34 pm

Re: ISA to GIA

Postby ben_power » Tue Mar 30, 2021 8:53 pm

A transfer would essentially be an ISA to ISA transfer. If you're hoping to achieve an 'in specie' transfer (reregistration of the underlying investment), this is likely to be unnecessary and a longer process.

The main benefit for an ISA transfer is to maintain the wrapper.
The main benefit of an in specie transfer is to avoid taking the investment out of the market and avoid crystallising any gain when held in a GIA. (Gains in an ISA are irrelevant) but this process can take weeks. If the benefit of the ISA wrapper is not needed or in this case can't be maintained then it'll probably be quicker to just sell from the ISA and reinvest into the GIA.

Jason123456
Posts:74
Joined:Wed Oct 11, 2017 1:53 pm

Re: ISA to GIA

Postby Jason123456 » Tue Mar 30, 2021 9:02 pm

By ISA to ISA transfer do you mean from one provider to another,...if so this is not what I’m looking for.

My need is to transfer an ISA with acc.holder A, to a GIA with acc.holder B,...retaining same funds!.......because I thought doing this ISA to ISA is not allowed?

I suspect the ISA will need to be cashed, and funds bought into GIA.

Thank you

ben_power
Posts:52
Joined:Tue Feb 27, 2018 8:34 pm

Re: ISA to GIA

Postby ben_power » Wed Mar 31, 2021 5:22 pm

Exactly correct. You can't transfer ISAs into different names (unless between spouses upon death of one).

Sell down from the ISA, reinvest into a GIA in the new name.


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