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ISA Transfer FAQs

How Much Does an ISA Transfer Cost?

The ISA transfer process is completely free of charge.

However, be aware that your existing fund manager might charge you an exit fee if you decide to transfer your ISA.

How Long is the ISA Transfer Process?

The ISA Transfer process normally takes about 4-6 weeks. You will receive a letter telling you when it has been completed.

Is It Necessary to Transfer All My ISA Funds?

If you have a current year ISA then you will have to transfer all of your different funds. With other accounts, you can choose to transfer some funds and leave the others behind. However, you can’t just transfer a part of a fund holding.

Is it Necessary to Move My Money into Fidelity’s Funds When I Transfer My ISA?

No, you don’t have to move your money when you transfer your ISA.Your money stays in the same funds. Fidelity just takes over the administration of your account.

How Is My ISA Transfer Affected If I Have Investments With More Than One Company?

In a positive way! The more companies you have investments with the more you will notice the benefits of having everything in the same place after you have transferred your ISA. The only downside is that the application process is slightly more complicated.

Is It Possible to Make Contributions to My ISA Whilst it is Being Transferred?

It’s best to make one-off contributions either before you send in your ISA transfer form or after the transfer process has been completed.

How Will I Know When My ISA Has Been Transferred?

You will receive a letter when the ISA transfer process has been completed. This letter will show how many units or shares have been transferred and will give you your account number. If you are transferring several funds from the same company, they may not all be handled at the same time. In that case, you will receive a separate confirmation for each one.

Will My Funds Stay in an ISA When I Transfer Them?

Yes, but of course you can’t move funds into an ISA if they are not already held in a tax-wrapper.

Will An ISA Transfer Make Me Liable For Capital Gains Tax?

No. Units and shares are not sold when you transfer them, so there are no capital gains for you to be taxed on.

Does an ISA Transfer Mean That There Will be Changes to the Income Payments I Receive From My Funds?

The transfer of your ISA to Fidelity's Funds Network will have no effect on the total amount of income you receive.

Fidelity forwards income to investors through consolidated payments. Fidelity gathers income distributions that are received over a set time, known as the "accrual period", and sends a consolidated monthly payment.

You will receive one payment for any ISA holdings you have and separate payments for any other fund accounts. We find that this system is more efficient than making several small payments for each account, and our investors appreciate the convenience of being able to choose to have their income paid straight into their current account.

Many investors choose to have their income reinvested in their funds in order to increase the potential for long-term capital growth. An advantage of being with Fidelity is that you do not pay an initial charge on each income payment that is reinvested.

Another important feature of the way Fidelity pays income on tax-free interest from corporate bond funds or cash funds. When fund management companies pay this interest, they usually pay 20% tax. It is then up to ISA plan managers, such as Fidelity, to reclaim tax from the Inland Revenue on behalf of their investors. Fidelity does not send reclaimed tax to investors until we have received it from the Inland Revenue. We submit claims to have the tax repaid as soon as possible, and the Inland Revenue typically send it to us in the month after we make the claim. We then forward the money to you as part of your next consolidated payment.

As a result the first payments you receive from Fidelity may be lower than you have been used to, but in due course they should return to their previous level - assuming, of course, there have been no significant changes to the income paid to your funds. Future payments will be made up of the most recent taxed interest from your fund, together with the tax that has been reclaimed on a previous interest payment. Once again, we should point out that this will have no effect on the total amount of income you eventually receive.

How will An ISA Transfer Affect My Monthly Savings Plan?

Fidelity will tell your investment company to stop collecting the payments. You ought to tell your bank know about the change so that you don’t make payments to two different companies. Once you have received the letter confirming that the ISA transfer process has been completed, you can set up a new monthly savings plan with Fidelity.

What will Happen to Any Cash in My Old Account When I Transfer My ISA?

Your previous investment company will send the cash to Fidelity after your ISA transfer has been completed. They will invest the money in whichever fund is your largest re-registered holding at the time they receive the cash.

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