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ISA - switching rules

user picture
Dubbs
Wed, 23/01/2008 - 22:19

Hi

I have a cash ISA with a bank and a shares ISA with a fund manager for 07/08. I have used half of the 4k 07/08 allowance of the shares ISA but would now like to siwtch to a new fund manager which has lower initial charges.

Can I switch to the new fund manager now and then use the remaining 2k allowance in the 07/08 tax year?

Thanks

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mattyboy's picture
mattyboy
Thu, 24/01/2008 - 16:21

Hello Dubbs
Yes my understanding is that you can transfer your ISA to an alternative fund manager - but only the equities element. From April this year you'll also be free to transfer your cash ISA into equities should you wish. You can then invest your remaining £2k as you wish but if you want it to count towards this year's ISA allowance you'll need to do it before April 6th. By the sound of things you could do with investing via a fund supermarket - that will reduce your charges and make it easier for you to hold a variety of funds.

Dubbs's picture
Dubbs
Fri, 25/01/2008 - 21:48

mattyboy

Thanks, yes I'm already with a supermarket but have found

one with lower initial fees hence will look to move.

Thanks for help.

 

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