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transferring investments in ISA to non ISA account / converting ISA into non ISA


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hi

I am told by my accountant to close the IG ISA account which i started this year for share trading as I am already contributing in another platform started previous year.

My advice was to convert all the investments in ISA into a non ISA account. 

How do i do this?

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Hi, it's not possible to automatically convert your ISA holdings. So unfortunately you would simply have to sell them and then repurchase those you want to continue holding in a non-ISA account.

When you've paid into more than one shares ISA in the same year, however, HMRC advise that you don't try and fix this yourself. Instead you should first call their helpline for advice - 0300 200 3300. It shouldn't be a major problem as long as you haven't made capital gains beyond the £12,300 annual allowance or received significant dividends. But failure to disclose the error could result in penalties.

Hope this is helpful.

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