[Feature Request 🔧] Internal GIA to ISA transfers (Bed and ISA)

Is the expection something that was actually said would happen?

Yes, see the top of this thread.

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Is there a way I can transfer money from my basic account straight into my FT ISA?

I’ve been accumulating funds in my basic account and want to bypass the process of transferring that money into my bank account and then back into my FT ISA.

At the moment you have to sell and repurchase. I believe the future they are planning an easy way of doing it though

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Thanks for the quick reply!

I’ve just moved these posts over to keep all of the info about this process in one place. As Jonny says we’re planning to make this easier for you in the future :raised_hands:

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For moving money (not shares), supposedly putting in a request with in-app support should work, avoiding the transfer out to your bank account.

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Ah - that’s exactly what I’m looking for :+1:

Just wanted to check if this has changed, or is likely to change so we can transfer shares directly to ISA from GIA?

Realistically this will never likely happen. People seeing shares they’d bought doing really well would transfer them to their ISA and escape capital gains tax. This is a government thing and not a Freetrade restriction.

My understanding this that you can’t transfer shares into an ISA from a GIA. HMRC only lets you deposit cash into an ISA (unless it’s a transfer from another ISA).

Ah great to know, thank you both!

Just wondering what will happen with new ISAs for the upcoming tax year…

Does anyone know?

Will we get an additional tab for the extra ISA (I.e. ISA2021, ISA2022)?

Or will we just get an additional £20k allowance on the ISA tab?

I’d prefer the latter if that’s possible!

FreeTrade could definitely support something like this though - isn’t this known as a ‘Bed & ISA’?

Essentially all your GIA shares are sold and instantly rebought in your ISA.

That’s not possible at the moment due to the requirement for cash to settle before you can transfer it to your ISA. Feels like this is something FT could help with.

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You’ll just have one ISA where all your investments appear, and your annual allowance will reset to £20,000 at the beginning of the tax year. (If you happen to have other ISAs with other brokers or banks, it is up to you to keep track of how much you have put in across all of your ISAs yourself, no provider knows what you have invested at another provider.)

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Yes, that’s right, that’s ‘bed and ISA’. Larger brokers do it to make things more convenient for their customers, but Freetrade doesn’t offer it. There is a feature request thread for it, but I get the sense it’s not a priority for them:

https://community.freetrade.io/t/feature-request-bed-isa/5960/2

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As per help, if you’d like to transfer cash between your GIA and ISA, drop us a message via the in-app chat.
Unfortunately, it’s now a Plus option. So what is the right way now?

Can I transfer shares between my General Investment Account and ISA? | Support (freetrade.io)

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Money@freetrade.io are your people now :ok_hand:t2:

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Is it possible to transfer my shares from my GIA into an ISA with Freetrade?

If not, will I effectively have to sell off my shares and re buy them in the ISA. Is there a better way? Of course by doing that it will put me at risk of losing money if the stocks I re-purchased in the ISA increase in value during the time period between selling and re-buying.

Similarly, as I have already invested into a stocks and shares ISA this year, I assume I will have to wait until the new Tax Year to do this. Out of interest, what is the penalty for investing in more than one S&S ISAs in the same year. Surely, many people will do this unknowingly?!

Thanks in advance

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Yes mate unfortunatley you have to sell the shares and rebuy them in the ISA,takes a few days aswell because when you sell the shares in the GIA the cash may not settle for 2-3days,then put a request in once its settled cash to move it to your ISA which says takes 2-3 days but sometimes less than a day not ideal but it is what it is i suppose i made the same mistake.:rofl:

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