I thought you had to include accumulating dividend also?
both of them are distributing.
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Ah, got you, sorry, was thinking you were changing from distributing to accumulating. Doh!
Going to move most of my investments to an ISA.
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I swear there is? I’m pretty sure I’ve transferred some free share money from my GIA to an ISA, I had to email to do this
So do personal saving allowance and dividend allowances get included in total income outside of an ISA or SIPP?
If you go over the allowances, interest is treated as income, and dividends are taxed at 8.75%, 33.75% or 39.35%, depending on your tax bracket. There is an additional allowance for savings if your income is less than about £17k, but I don’t know how that works.
Exactly, as I described in the steps in my previous post.
But having to email Freetrade to request the transfer,(and they then appear to submit a request elsewhere, from the correspondence I had) is not “a facility to simply transfer cash” between two accounts held with the same provider, as far as I’m concerned.
With other providers I’ve used in the past, the transfer between accounts (general trading to ISA) is provided directly within the user interface without involvement of the provider’s staff, and is immediate, not a few days. And I don’t recall it required sales proceeds to settle, because they knew the money was coming and both accounts were provided by that one provider.
I suspect one or other of the Freetrade accounts may actually be held with another entity, which leads to the delays and clunky process; they appear to have to withdraw it from one and pay it into the other on your behalf.
I see it as a consequence of having a cheap platform, so not a complaint, and as I don’t trade and transfer funds between accounts very often, it is a minor inconvenience to me.
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Of course you’re correct! I must be blind, was late when I saw that. Apologies
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Out of interest, can you remember roughly how long it takes for FT to transfer cash from a GIA to an Isa?
I’ve hit the £20k limit so I may park some spare cash in my GIA to take advantage of the 3% interest then invest it in my Isa come April.
I did a move from GIA to ISA this month. I sold my stocks on the 17th of November(Thursday), by Monday morning (the 21st) the money was settled, so I have created the request and on the same day the money was transferred and I bought my stocks back.
So honestly the only delay was the money setting. The support was great and moved the money on the same day! Not guaranteed they will always be able to do it straight away, but this is a real life example.
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