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Cannot transfer ISA shares to other country broker?


martinc1

Question

Hi,

 

I have shares in both IG ISA and Share Dealing accounts, I  have moved outside UK and want to transfer shares to broker there.

Whilst Share Dealing transfer was successful, transfer from ISA is stuck.  Is it not possible to move shares from ISA to  another account?

 

Martin

 

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Hi @martinc1

Thanks for the question

If you are moving shares externally we can only facilitate an ISA to ISA transfer. You should be able to do an internal transfer from the ISA to the share dealing account. Then once that is completed you can transfer the shares abroad through the share dealing account. Please contact transfers@ig.com to arrange this. 

All the best 

Anda

 

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Hi @AndaIG

Thank you for your response. I've contacted transfers@ig.com, and they refused internal transfer, this is their reply:

"You cannot transfer your shares from ISA to Share dealing, you'll only have to sell your shares and have to close sooner or later and there is no other choice because ISA is available only for UK residents and share dealing is only available for AU and UK residents"

 

If I'm moving shares externally I need to be registered at both sides at least for a while. And there is no explanation on why I cannot move  shares from ISA to Share dealing,

 

Can you please advise what to do?

 

Thanks

Martin

 

 

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I know you probably want to tidy things up, and maybe it's easier for your administration (and keep costs down)  but are you aware that you are allowed to keep anything in an ISA which was funded whilst you were a UK resident? 

If you do want to move them to another broker outside an ISA I don't think you have any choice but to sell the holdings which is a pain because obviously if you want to still hold them you will have the sell and buy costs to consider, and potential market movements as well

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