ISA transfers are here 🚚

A bit annoying that there is a bug in the current allowance calculation of the ISA when you sell shares, hopefully this will be resolved soon.

Any update?

The ISA transfer form is a pdf that you print, sign, and email freetrade.

Can Freetrade please implement this in a Google form or use Docusign or something? I do not have access to a printer because I’m not going into an office!

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Print to PDF no? You can add an e-signature using Acrobat or Preview on Mac.

Pretty sure e signatures have been legally binding for a few years now and there’s a fair few providers to choose from.

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I successfully transferred ISA into Freetrade in summer, and am about to do so again.

Please can Freetrade add ISA transfers to the Activity history in the app. I should be able to see it and my top ups in the same place.

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How was the process for you? I’m considering transferring mine

Good suggestion as well, I’m surprised it isn’t already there in the feed.

While we are on the subject, can I ask a silly question:

Am i correct to assume that money stay in the ISA wrapper even if you stop paying for it once they got there?

I.e. If I open ISA with another provider next year, what happens with my existing ISA — I won’t suddenly start paying tax on the gains there, would I?

No. Money in the ISA is exempt from income and CGT no matter how many you have set up.

Do you know what FT policy is on this? If I stop paying for an ISA account can I still buy and sell stock inside of it if i dont contribute any more money?

If you stop paying for the ISA I imagine you’d need to put your holdings into a GIA and be subject to tax. If you contributed this year and next to FTs ISA then the fee would stay at £3.

But as in your scenario, if you put next years allocation into an ISA of another provider you’d need to continue paying for the FT ISA at £3 to retain the tax wrapper plus potentially for the new providers ISA.

According to the terms and conditions FT hold the right to sell your holdings to cover the fee.

6.2. Ability to Sell Your Securities to Recover Our Fees

If the amount of your Available Funds is insufficient to cover any fees that you owe us, for example the Plus fee, you hereby irrevocably authorise us to sell such number of Securities that you have acquired through our Services and that you hold with us, and to use the proceeds of that sale to cover our fees. Where we do so, we will select which Securities we will sell and we will have no duty to select any specific Securities that you may wish us to sell. We will use reasonable endeavours to sell only so many Securities as will cover the fees you owe us; however that may not always be possible, and where the amount we receive as a result of such a sale exceeds the amount you owe us, we will credit your Available Funds with the excess.

If you stop paying for the ISA they will sell your holdings to cover the fee - this is standard practice.

Yes that should be possible
Edit: I would stick stock money in it just in case there are minimum transfer requirements

Ok this makes. I just didn’t fully understand how it works and was somewhat afraid that if for whatever reason FT can’t charge my card my holdings will suddenly move into a taxable account :slight_smile:

If the amount of your Available Funds is insufficient to cover any fees that you owe us

The fees are not charged from your account though. They are charged directly to the card.

Ok so with this in place, can we also now seamless transfer our ISA’s OUT of Freetrade too!?

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To use the PDF form it states that i must own Adobe, is there a way of doing this without adobe?

I did an ISA transfer to Freetrade last month. I printed out the form, signed it, used a document-scanning app on my phone to take pictures of it and make a pdf, and emailed it to transferapps@freetrade.io. All good.

Good stuff

What happens to stocks held elsewhere that aren’t in the Freetrade stock universe? Do they ask you to sell and transfer those as cash?

I’ve only transferred cash. But yes, I guess you’d have to sell stocks that Freetrade doesn’t trade.