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ISA Cash to ISA Investment Account


MayLouise

Question

I am trying to find out if i move my cash ISA funds currently elsewhere and considerably more than a single year allowance. What can i do with it in an ISA investment account? Example £50K in a cash ISA transferred into an Investment ISA, I can invest £20K this year but what would happen to the remaining £30K. Is that classed as accumulated ISA monies and if so can that be invested immediately as it has always been held in an ISA wrapper.

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Hi @MayLouise

If you hold an ISA with a different provider, you can transfer over to us both cash and holdings. 

Let's say that you hold a Cash ISA with a different provider which consists of £70K cash from previous FY allowances. If you haven't used any allowance for the FY21-22, after transfering £70K to IG you will still be able to deposit £20K more for a total of £90K (the other provider sends us your ISA allowance history). 

You can initiate the transfer on MyIG > Live accounts > ISA > Cash/stock ISA transfer.

Thanks,

Jakub

 

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Thanks Jacub

So i can ask IG to contact my current holder and transfer the whole amount across. But what am i allowed to do with that total amount once in the Investment Account. Can i trade the full or part amount at my will and what would happen to any profits from the whole amount. is there any restrictions on non taxable or taxable CGT or would it all be exempt of tax as the monies all originate from an ISA wrapped fund.

Note these funds have accumulated over  number of years and where in an investment ISA but as i wish to withdraw from that lenders fund i placed the cash back into an ISA savings account until i transferred it back. 

Thanks MayLouise

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Does anyone know if i move as an example £100K from a bank cash ISA into an IG Investment ISA much as this year i can trade £20K within my CGT tax free allowance, what would i be allowed to do with the remaining £80K. are there any trading restrictions on cash accrued through an ISA wrapper or am i free to trade as i wish as long as i stay within the annual allowable ISA top up.

I am currently looking to move a substantial sum of money from a bank cash ISA and into an IG Investment ISA but would not move more than the annual allowance f there were restrictions such as those potentially mentioned.  

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On 14/07/2021 at 13:20, MayLouise said:

Does anyone know if i move as an example £100K from a bank cash ISA into an IG Investment ISA much as this year i can trade £20K within my CGT tax free allowance, what would i be allowed to do with the remaining £80K. are there any trading restrictions on cash accrued through an ISA wrapper or am i free to trade as i wish as long as i stay within the annual allowable ISA top up.

I am currently looking to move a substantial sum of money from a bank cash ISA and into an IG Investment ISA but would not move more than the annual allowance f there were restrictions such as those potentially mentioned.  

Hi @MayLouise,

There are no restrictions on how much ISA cash from previous allowances you can transfer from a provider to a different provider. 

If you transfer £100K to us, you will be able to trade with the whole amount. If £20K (from this £100K) were deposited after the 6th of April 2021, you won't be able to deposit £20K with us until the next FY. 

You don't pay capital gains tax. Any gains made by investments within your stocks and shares ISA are not subject to capital gains tax.

Please "quote" or tag us by quoting @MayLouise, we don't receive a notification if you don't.

Thanks,

Jakub

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