Transfer old ISA from another broker into my Freetrade GIA?

General Chat 💬
1

I have ISAs with two other brokers. These ISAs have open positions but have no activity since 2022. Can I transfer these stocks into my Freetrade GIA? I do not have a Freetrade ISA and am not planning on getting one any time soon.

2

I think you’d have to sell up…and lose your tax free status!

Very hard to understand why you would want to?

2 Likes
3

Basically, I’m losing money to monthly custodial fees with my other brokers and, since I’m not actively trading, it’s just not worth it. I want to switch to a cheaper platform. Since I’m still learning about investing and trading, I’m not anticipating any serious profit in the near future, so no real need for an ISA. When that time comes, I’ll upgrade my Freetrade account, but until then, I’d just like to transfer my positions from my expensive broker to Freetrade.

I guess I’ll have to sell. Not a huge problem.

1 Like
4

Ok I can see where you are coming from…makes sense. Thanks for taking the time to help me understand.

I dont know for sure about the transfer idea…if we shout out to @acamp he might pop by and confirm.

1 Like
5

Thanks Bob. I appreciate that this is an odd request.

1 Like
6

Hey @maxkshaw

I’ll have to check with transfers about facilitating an ISA to GIA transfer.

In terms of what you’re trying to achieve it’s good to keep an eye on costs and the drag they’re having on your portfolio.

I appreciate you’re earlier in your journey and aren’t overly concerned about capital gains and income tax yet, however maintaining the investment in an ISA can just help simplifying things when it comes to tax returns.

Remember too that CGT and Dividend allowances are due to decrease again in April 2024 (to £3000 and £500 respectively). That means that you’ll end up owing tax on investments outside an ISA with much lower gains.

Ultimately it’s your call to make though. I can’t give tax advice or anything like that. I can just share some of the important things to think about.

2 Likes
7

Thanks Alex. I assure you, my capital gains this year will be significantly less than £3000, so no worries there :slight_smile:

1 Like
8

Hey @maxkshaw Just spoke to transfers and they said they’re able to facilitate a transfer in specie (i.e. not selling down your positions). If you want any more information or help, let me know if your email address on the forum here is the same as on the app and I can get someone from the team to reach out.

The next step would be to follow this process here: Transfer your General Investment Account to Freetrade

2 Likes
9

That’s great! Thanks Alex :slight_smile:

1 Like