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Transferring S/S Fund into ISA

penym
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Transferring S/S Fund into ISA

#129947

Postby penym » April 4th, 2018, 1:42 pm

I had a plan to move £10,000 out of my H/L S/S Fund into my S/S ISA which I have with them. I am not generating income apart from investments so I want to make sure I transfer as much of my investments as possible into an ISA. Accordingly, I rang Schroders where i have a healthy amount invested in two UK Income funds. I asked if I could transfer £10.000 from one of these into the ISA UK Fund I also have with them, explaining that I was going to take £20,000 in total from them and from my S/S fund with HL. i was then told that I could only have one S/S ISA in any one year, so what i was proposing was not available.

So now I have a problem. I can sell the shares in one of the funds and choose which one attracts less cost to me. If I sell Schroder and then buy shares as an ISA in HL it means having a very large amount in HL and if they should ever go bust I would lose a lot of money, but trying to work out which is the most cost effective to do makes my brain hurt!

So sell my S/S in my HL Fund account and then put the money into my Shroder ISA or the opposite..sell my Schroder £10,000 and use that money with HL ISA ( all Ibvestment Trusts)

Sorry for all this babbling but as a Doris I do value advice from Lemonfool!

TIA

penym

swill453
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Re: Transferring S/S Fund into ISA

#129950

Postby swill453 » April 4th, 2018, 1:47 pm

penym wrote:If I sell Schroder and then buy shares as an ISA in HL it means having a very large amount in HL and if they should ever go bust I would lose a lot of money

No you wouldn't. Shares are ring-fenced, at worst you'd lose immediate access to them for a while.

Scott.

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Re: Transferring S/S Fund into ISA

#129962

Postby mc2fool » April 4th, 2018, 2:26 pm

swill453 wrote:
penym wrote:If I sell Schroder and then buy shares as an ISA in HL it means having a very large amount in HL and if they should ever go bust I would lose a lot of money

No you wouldn't. Shares are ring-fenced, at worst you'd lose immediate access to them for a while.

Shares are supposed to be ring-fenced. Reality may not follow theory. At worst you'd lose everything above the FSCS limit of £50K.

penym, you've really given no relevant details for anyone to be able to say what will be most cost effective. You need to list exactly which ITs you have in the accounts that you are talking about, plus the brokers' charges for selling, buying, and holding (inc. admin/platform fees, etc).

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Re: Transferring S/S Fund into ISA

#129967

Postby Alaric » April 4th, 2018, 2:35 pm

mc2fool wrote:Shares are supposed to be ring-fenced.



I don't think there's a"supposed" about it. Shares are held in a nominee account separate from the assets of the Broker. What can go wrong is that all the investments are pooled. So it can be established what's held by the Broker, but not who it belongs to, if the Broker's internal record keeping has fallen apart.

It's not the same as having a deposit at a Bank, where the money is legally theirs as soon as you have handed it over.

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Re: Transferring S/S Fund into ISA

#129969

Postby mc2fool » April 4th, 2018, 2:43 pm

Alaric wrote:
mc2fool wrote:Shares are supposed to be ring-fenced.

I don't think there's a"supposed" about it. Shares are held in a nominee account separate from the assets of the Broker. What can go wrong is that all the investments are pooled. So it can be established what's held by the Broker, but not who it belongs to, if the Broker's internal record keeping has fallen apart.

Shares are supposed to be held in a nominee account. viewtopic.php?f=26&t=6286

penym
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Re: Transferring S/S Fund into ISA

#130376

Postby penym » April 6th, 2018, 1:29 pm

Well, if only I knew how to paste a copy of the shares held in HL on my iMac I would gladly do it!

I just cannot get it to paste the table as it is listed in HL. I can ask HL what their charges are and do the same with Schroders just so I know.

Then get back to the experts here. I can just leave Schroders as they are, move the shares in my HL fund account into my ISA there and then drip feed my remaining ISA allowance using money from my current bank account. That may be the easiest thing to do.

My Schroder money is : UK Alpha Income C Income fund value £7,387.97 and Schroder Corporate Bond Fund C Income value £10,896.00. These investments have lost capital value of approx.£100 over the year.

If anyone knows how to get my HL figures into a reply, pease let me know!

Thanks

penny


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